Tag: Stablecoin

USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity – Bitcoin News

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On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) trading sessions on Saturday. Major Crypto Exchanges Suspend USDC Trades as Concerns Mount On March 11, 2023, stablecoin assets are having a rough day after Circle Financial announced that $3.3 billion of the cash backing…

DAI Depegs as Stablecoin Rout Plagues Crypto

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USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses

Crypto was born in the aftermath of – and, to some, in response to – the 2008 crisis. Satoshi Nakamoto’s Bitcoin paper debuted into a world where governments had just propped up the financial system by pouring money into it. Crypto lacks such a centralized authority. If SVB customers, including Circle and its USDC stablecoin, are forced to take a haircut on their money, the repercussions are unclear. Source

Circle’s USDC Stablecoin Endures $1B Net Redemptions Since Silicon Valley Bank Shutdown, Nansen Data Shows

CryptoX – Cryptocurrency Analysis and News Portal USDC is the second-largest stablecoin, trailing only Tether’s USDT, and a backbone of the crypto ecosystem. The token’s value is backed by U.S. government bonds and cash-like assets, including a total $11.1 billion of cash deposits at various regulated banks, according to Circle’s website. Source The post Circle’s USDC Stablecoin Endures $1B Net Redemptions Since Silicon Valley Bank Shutdown, Nansen Data Shows appeared first on CryptoX. CryptoX Portal

USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal

An undisclosed portion of USDC’s cash reserves are parked at the now-failed bank, leading to concern that money backing the stablecoin is now stuck. Stablecoins like USDC are a key part of the crypto industry’s foundation, and when they stray far from $1 (or whatever fiat asset they’re pegged to) that suggests concern about their financial footing. Source

Voyager Continues Liquidating Crypto Assets for Circle’s USDC Stablecoin

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MakerDAO Founder Calls for Rebranding of DAI Stablecoin

DAI, the fourth-largest stablecoin, with a market cap near $5 billion – and the only top stablecoin backed by a basket of assets, including other cryptocurrencies – suffers from bad branding that could be inhibiting its growth, Christensen said during a call to discuss the protocol’s decentralization plan, called “Endgame.” Source