USDC has nearly repegged on the news to $0.9985 per token.
The day prior, Circle announced that following a joint announcement by U.S. Treasury Secretary Janet Yellen and other regulators, all depositors with Silicon Valley Bank , representing $3.3 billion or 8% of the total USDC reserve, will be"fully available," when U.S. banks open today.
USD Coin was designed to be 1:1 redeemable with fiat U.S. dollars, and its tokenomics are dictated by fiat collaterals in proportion with new token minting and burning. On Mar. 10, the token depegged after Circle's custodian bank SVB suffered a bank run after a series of failed leveraged long positions on the U.S. Treasury, forcing federal regulators, including the Federal Deposit Insurance Corporation, to intervene.
At the time of publication, USDC is currently trading at $0.9958 a piece compared to a historic low of $0.87 two days prior. Circle has stated that in the event of a shortfall, it will use corporate funds and external capital, if necessary, to
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance Adds BNB/USDC, BTC/USDC & ETH/USDC Trading Pairs | Binance SupportFellow Binancians, Binance will open trading for the BNB/USDC, BTC/USDC and ETH/USDC trading pairs at 2023-03-12 06:30 (UTC) . Start Trading on Binance Spot Now! Notes: Where any discrepancy ari...
Read more »
Silvergate, Grayscale and USDC depeg: Three big stories this past weekSilvergate closed its doors, the USDC stablecoin depegged and Grayscale was left “encouraged” after its day in court against the SEC.
Read more »
Stablecoin USDC breaks dollar peg after revealing $3.3 billion Silicon Valley Bank exposureBy Elizabeth Howcroft and Rishabh Jaiswal
Read more »
Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposureThe U.S. cryptocurrency firm Circle's USD Coin lost its dollar peg and fell to a record low Saturday morning.
Read more »
Worst Time to Swap USDC Is Now: Top VC Investor Dovey Wan on Market PanicPrimitive Crypto founder Dovey Wan explains why it might be too early to panic amid USDC depegging from U.S. Dollar
Read more »