USDC Financial News

The market capitalization of the popular stablecoin tether (USDT) has risen as other stablecoins, including Circle’s USD coin (USDC) and MakerDAO’s DAI briefly lost their pegs over the weekend.

Major crypto exchange Binance has halted deposit and withdrawal services through bank transfers and card payments for customers in the UK after its partner, London-based online payments firm Paysafe, cut off support for transactions carried out in the British pound (GBP).

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.

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.

The popular stablecoin USDC has regained its $1 peg price after regulators in the US assured that depositors in Silicon Valley Bank (SVB) can access their money today.

Binance has confirmed plans to convert $1 billion worth of Binance USD (BUSD) from its Industry Recovery Initiative to native crypto assets, including Bitcoin, Ethereum, and BNB.

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Major crypto exchange Coinbase stated that it has millions in corporate cash balance with the shuttered Signature Bank.

USDC issuer Circle has pledged to cover any shortfall in the stablecoin's reserves if it does not receive the entirety of the $3.3 billion held at now-collapsed Silicon Valley Bank.

Circle has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. The stablecoin company's announcement comes after startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Traders have been on guard this week for signs of contagion in the financial sector and beyond from troubles for SVB and crypto-focused Silvergate, which this week disclosed plans to wind down operations and voluntarily liquidate. Boston-based Circle said last week it had moved a «small percentage» of USDC reserve deposits held at Silvergate to its other banking partners.

The USD Coin (USDC) stablecoin has distanced away from its intended $1 peg following the revelation that Circle has exposure to the now-collapsed Silicon Valley Bank. 

This time, the counterparty is Silvergate Capital Corp., the bank behind a widely used payments network that facilitates the real-time transfer of money between crypto firms. Silvergate suffered from a run on deposits already last year, triggered by the bankruptcy of its key client FTX. On Wednesday, the bank said it sold more debt holdings at a loss and was reviewing whether it can remain viable. It also indicated it was being investigated by the US Justice Department. That warning prompted swift reactions by crypto exchanges, stablecoin issuers and trading desks. Coinbase Global Inc., Galaxy Digital and Paxos Trust Co. announced that they will no longer accept or initiate payments through Silvergate, as did Gemini Trust Co., Crypto.com and Cboe Clear Digital LLC.

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Circle, the US-based payments company that issues the stablecoin USD coin (USDC), alleged that major crypto exchange Binance did not fully back some of its own stablecoin proxies - and on Monday, blockchain infrastructure platform Paxos was ordered to cut its connection with Binance in regard to the Binance USD (BUSD) stablecoin.

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Major cryptoasset exchange Binance was reportedly used by a Mexican-based internationally-operating drug cartel to launder millions of US dollars - and the exchange helped the authorities identify the suspects.

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Binance, the world's biggest crypto exchange, said on Tuesday it had "temporarily paused" withdrawals of the major stablecoin USDC.

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Circle, the US financial services firm behind the stablecoin USDC, has changed its mind about seeking a public listing in the near future, and now says it will stay focused on building “a long-term public company.”

Circle, the US-based payments company that issues the stablecoin USD coin (USDC), announced its plans to bring its Euro Coin and cross-chain transfer protocol to Solana (SOL) in early 2023.