The technology advisory committee aims to assist the CFTC in “identifying and understanding the impacts and implications of technological innovation in financial services and markets.” The Commodity Futures Trading Commission (CFTC) has signaled receptiveness to the crypto and blockchain sector after including several executives from the space as part of its new Technology Advisory Committee…
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“What happened over the last several days was a bit of an ironic black swan situation where the contagion was not from crypto to TradFi,” said Caroline Hill. Caroline Hill, the director of global policy and regulatory strategy for stablecoin issuer Circle, has placed some of the blame from the recent collapse of banks tied…
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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. The assurance from the government means that all Silicon Valley Bank depositors will be made whole, despite the bank’s collapse and wipeout of investor money. USDC issuer…
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Positive developments concerning Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners have seen USDC climb back toward its $1 peg. Circle’s stablecoin USD Coin (USDC) is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has…
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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. In a Saturday blog post, Circle said that the company is prepared to cover any shortfall in the USDC reserves that materialize from their exposure to SVB…
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The USD Coin depeg led the DeFi protocol to experience a record-breaking daily trading volume as crypto whales fight for assets. Stablecoin swapping pool Curve Finance is experiencing the highest daily trading volume in its history, exceeding $7 billion in the past 24 hours after the Silicon Valley Bank (SVB) collapse triggered a wave of…
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Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency. Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC’s collateral was held at Silicon Valley Bank. However, not all of them had success…
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The trading freeze follows an analysis from DeFi’s risk manager firm Gauntlet Network considering different scenarios for the USD Coin price. Lending protocol Aave has frozen stablecoins trading and set Loan-to-Value (LTV) ratio to zero in response to recent price volatility on stablecoins after the USD Coin (USDC) depegged on March 11. According to the…
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According to Circle, USDC liquidity operations will “resume as normal when banks open on Monday morning in the United States,” enabling USDC redemption at 1:1 with the U.S. dollar. USD Coin (USDC) issuer Circle plans to use “corporate resources” to cover the shortfall on its reserves following Silicon Valley Bank’s shutdown, said the company in…
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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. Circle, the issuer of the world’s second-largest stablecoin USDC, said in a Friday tweet that it has $3.3 billion of its $40 billion USDC reserves at the fallen lender.…
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