Jeremy Allaire News

Stablecoin issuer Circle has reportedly adjusted its reserves treasury in an effort to reduce the risks of United States debt defaults.

BDO Italia's latest attestation report for Tether revealed that Bitcoin (BTC) made up approximately $1.5 billion of the stablecoin issuer's reserves, or roughly 2% of the total, at the end of the first quarter. The accounting firm did not list Bitcoin as a line item in previous reports.

The US House Committee on Financial Services will conduct a hearing on April 19 to evaluate the role of stablecoins as a means of payment and determine whether the payment ecosystem needs supporting legislation. The hearing, titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation,” will focus on various stablecoins and their use in the payments landscape. The committee will explore the need for stablecoin legislation based on their underlying collateral structures.

The United States must implement stablecoin legislation and digitize the U.S. dollar (USD) to mitigate the “very active de-dollarization taking place” around the world right now, says Jeremy Allaire, the chief executive of stablecoin issuer Circle.

Circle CEO Jeremy Allaire says that a cryptocurrency crackdown by the United States regulators has been a major factor behind the declining market capitalization of its stablecoin, USD Coin (USDC).

Circle, the US company behind the popular stablecoin USDC, is set to testify in a Congress hearing on Wednesday about stablecoin regulation in the US.

A new draft bill providing a framework for stablecoins in the United States was published on the House of Representatives' document repository, a few days before a hearing on the topic on April 19. The draft puts the Federal Reserve in charge of non-bank stablecoin issuers, such as crypto firms Tether and Circle, respectively issuers of Tether (USDT) and USD Coin (USDC). 

US Senator and well-known crypto-critic Elizabeth Warren has joined hands with Congresswoman Alexandria Ocasio-Cortez in asking for more details about Silicon Valley Bank’s (SVB) dealings with crypto companies.

Executives at the stablecoin issuer Circle and the bankrupt cryptocurrency lender BlockFi have been questioned by two members of Congress investigating the so-called “mutual backscratching arrangements” alleged to have taken place with the now-failed Silicon Valley Bank (SVB).

The world has been facing a banking crisis that has caused a great deal of uncertainty and market anxiety. According to Circle CEO Jeremy Allaire, this could lead to increased regulatory ambiguity in the cryptocurrency market. Allaire expressed his concerns in a Twitter thread on March 23, discussing the aftermath of the collapse of the Silicon Valley Bank (SVB) and the general exposure of the financial system in the United States.

The ongoing crisis and uncertainty around the global banking system could push the cryptocurrency market into a more gray area in terms of regulation, Circle chief executive believes.

Circle CEO Jeremy Allaire has revealed that the Twitter account of one of the company's top executives that promised a USDC airdrop has been hacked. 

The popular stablecoin USD Coin (USDC) has seen outflows of around $3 billion over three days this week, issuer Circle said in a blog post on Thursday.

Bitcoin and other cryptocurrencies rallied on Monday after U.S. authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB) and as cryptocurrency firm Circle assured investors its peg was secure. The U.S. Treasury and Federal Reserve announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday. The moves came as authorities took possession of New York-based Signature Bank, the second bank failure in a matter of days. Stablecoin USD Coin (USDC), which had lost its 1:1 dollar peg and hit an all-time low on Saturday on concerns over the exposures of Circle, the firm behind USDC, to Silicon Valley Bank, recovered. It was at $0.9917, closer to par and up from last week's lows around $0.88.

Jeremy Allaire, the co-founder and CEO of Circle, recently appeared in an interview with Bloomberg . The executive addressed the recent turmoil in the banking industry and its impact on USD Coin. Allaire shared his thoughts on the likelihood of recovering the billions of dollars stuck at the recently-closed Silicon Valley Bank. 

Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank (SVB).

Bitcoin and other cryptocurrencies rallied on Monday after U.S. authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB) and as cryptocurrency firm Circle assured investors its peg was secure. The U.S. Treasury and Federal Reserve announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday. The moves came as authorities took possession of New York-based Signature Bank, the second bank failure in a matter of days.Stablecoin USD Coin (USDC), which had lost its 1:1 dollar peg and hit an all-time low on Saturday on concerns over the exposures of Circle, the firm behind USDC, to Silicon Valley Bank, recovered. It was at $0.9917, closer to par and up from last week's lows around $0.88.

In response to recent developments, Maker’s [MKR] price experienced a substantial increase of nearly 30% in the last 24 hours.

According to Web 3.0 analytics platform Watchers (0xscope), a total of 314.167 million USD Coin (USDC) has been sent by its issuer, Circle, to the Ethereum null address with header 0x00 on Mar. 13. The null address is typically used to remove tokens from circulation via one-way transactions. 

Popular stablecoin issuer Circle has announced that the $3.3 billion in USD Coin (USDC) reserve deposits held with Silicon Valley Bank will be fully recovered when banks reopen in the United States on Monday.

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