USDC Financial News

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The firm behind USDC stablecoin, Circle, is looking to launch a stablecoin in Japan under new regulations that came into effect last month. 

In a revolutionary move, Hong Kong is exploring the idea of launching its Stablecoin, HKDG, to rival established Stablecoins like USDT and USDC. 

The former Goldman Sachs executive Craig Broderick has joined the Board of Directors of Circle Internet Financial, the issuer of the USDC stablecoin. 

Circle, the US-based company behind the stablecoin USDC, has tapped former Commodity Futures Trading Commission (CFTC) chair Heath Tarbert as its new Chief Legal Officer as it pushes for more regulatory clarity in the US.

Circle, the US-based payments firm which issues the USD coin (USDC) stablecoin, is set to launch its coin natively on Arbitrum, an Ethereum (ETH) scaling solution, with the kick off scheduled for June 8. 

Tether, the largest stablecoin in the market, has seen its market capitalization hit a new record high, exceeding $83.2 billion. 

A US regulator charges five people on Wednesday for allegedly “fraudulently soliciting” money from more than 170 people for a company called Icomtech to trade bitcoin and other assets for them. 

Crypto lender Voyager Digital said Wednesday that customers will soon recover about 35% of their cryptocurrency deposits as the company winds down operations after a failed buyout attempt by crypto exchange Binance.US. U.S. Bankruptcy Judge Michael Wiles approved Voyager's liquidation plan at a court hearing in Manhattan, allowing the company to return about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11. Customers may be able to make withdrawals by June 1, Voyager's official creditors committee said. Any distribution beyond the initial 35% would depend on the result of future litigation. Voyager filed for bankruptcy protection in July, citing volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital (3AC).

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tether is winning the race for the title of the crypto world's «least risky» asset. As a regional U.S. banking crisis widens and a regulatory crackdown on crypto firms deepens, investments within the cryptosphere are moving into tokens and coins perceived as relatively safe. Tether is already the top performer among stablecoins — digital tokens pegged to some fiat asset like the dollar — and has seen its market value soar since March. Its value is anchored by a 1-to-1 peg against a cache of dollars and a supply cap at around 85 billion tokens. Demand for the coin has been so strong that its peg has held above 1 since mid-April, hitting 1.002 last week.

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Lawmakers in the US House of Representatives are again looking at regulations on stablecoins under new Republican leadership, but partisan differences and bickering between the two sides may delay the passing of any new law on the topic.

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.

Blockchain-based financing firm M11 Credit has resumed crypto lending on the decentralized credit marketplace Maple Finance.

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The infamously volatile cryptocurrency seems positively hale and hearty, just as a banking meltdown drives markets into the arms of a recession. Bitcoin has risen 21% this month, while a choppy S&P 500 has lost 1.4% and gold has gained 8%. «If you were going to describe an environment where there were successive bank runs because central banks are trying to fight inflation with fast rate increases, that is pretty close to as spot-on a thesis for owning bitcoin as you've ever heard,» said Stephane Ouellette, CEO at digital asset investment platform FRNT Financial.

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Crypto investors pulled around $3 billion overall from the stablecoin USDC in three days, the company behind the token said in a blog post on Thursday, as investors rushed to redeem their holdings in the wake of the collapse of Silicon Valley Bank. USDC broke its dollar peg on Saturday after Circle revealed that $3.3 billion of the coin's reserves were at SVB. The stablecoin fell to as low as $0.88, according to CoinGecko data, but returned to $1 on Monday. Circle announced it would allow automatic USDC redemption through a new banking relationship, with Cross River Bank. Stablecoins are cryptocurrencies designed to maintain a constant exchange rate with traditional currencies. USDC is the second-biggest stablecoin with a market cap of $37.6 billion.

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.

At the time when banks were collapsing last weekend and a major stablecoin depegged, tokenized diamond sales jumped 300%.