Tag: Stablecoin

Stablecoin Trading Dominates Monday’s Crypto Market, Tether and BUSD Sell at Premiums – Market Updates Bitcoin News

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On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and BUSD rose to $1.03 per coin during the morning trading sessions (ET). Small Handful of Stablecoin Assets Trade for Premiums as USDC Closes $1 Parity Gap On Monday, stablecoins experienced significant trade volumes after USDC…

USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement – Bitcoin News

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The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. Following the Fed announcement, Circle CEO Jeremy Allaire said on Twitter that the company would rely on BNY Mellon to settle the process of minting and redemption. Signature Bank Closure Forces Circle to Rely on…

Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to ‘Stand Behind USDC and Cover Any Shortfall’ – Bitcoin News

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On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United States. Circle said that the company’s teams would be ready on Monday to “handle significant volume” and that the firm will “stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.” Circle Financial Confident in USDC Stability Despite SVB Failure Circle, the issuer of the second-largest stablecoin by market capitalization, usd coin (USDC), addressed the…

Aave freezes stablecoin trading on Avalanche V3 as activity surges on CEXs

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Lending protocol Aave has frozen stablecoins trading and set Loan-to-Value (LTV) ratio to zero in response to recent price volatility on stablecoins after the USD Coin (USDC) depegged on March 11.  According to the Aave’s governance forum, the trading freeze follows an analysis from DeFi’s risk manager company Gauntlet, recommending that all V2 and V3 markets should be temporarily paused. “Setting LTV to 0 definitely helps everywhere, but on the Avalanche v3 Pool, given that cross-chain infrastructure doesn’t cover Avalanche, the Aave Guardian can act immediately. Setting LTV to 0…

Makerdao Issues Emergency Proposal to Address $3.1B in USDC Collateral After Stablecoin Depegging Incident – Bitcoin News

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On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project’s stablecoin, DAI. Makerdao Proposes Changes to Limit Exposure to Potentially Impaired Stablecoins Members of Makerdao have been discussing a recent emergency proposal that aims to address the $3.1 billion in USDC assets the project holds as collateral. The news comes as Circle Financial…