Jeremy Allaire, CEO of Circle, the company behind the issuance of usd coin (USDC), has expressed his worries about the state of stablecoin regulation in the U.S. In a congressional hearing, Allaire stated that other governments were already regulating the issuance of digital dollars (dollar-backed stablecoins) and called on the U.S. government to act by…
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Circle and BlockFi executives were questioned after the lawmakers accused Silicon Valley Bank of “coddling” and giving “white glove” treatment to its largest depositors. 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…
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Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for…
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The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank.…
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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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Circle boss Jeremy Allaire maintains that “payment stablecoins” are payment systems, not securities. The United States Securities and Exchange Commission is not the appropriate agency to regulate stablecoins, according to Circle founder and CEO Jeremy Allaire. In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its…
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Circle attributed its miscalculated financial projections to Binance implementing USDC to BUSD auto-conversions and the recent collapse of FTX. Circle, the company behind the issuance of USDC Coin (USDC) said recent events have caused it to miscalculate its financial projections — referring to the collapse of FTX and a decision by rival exchange Binance. In September,…
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On Nov. 9, 2022, a day after the news broke regarding Binance planning to purchase the exchange FTX, the crypto economy dropped 11.17% in 24 hours. The crypto economy has slid under $900 billion for the first time since January 2021. The Binance and FTX news has come as a shock to a lot of…
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The approvals came after the Monetary Authority of Singapore issued two consultation papers that proposed to ease regulatory hurdles for digital asset service providers. Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state’s central bank. Circle received in-principle approval for a major…
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The crypto asset exchange Wazirx is following Binance’s move by delisting a number of stablecoins and automatically converting them to BUSD at a 1:1 ratio. Wazirx customers have until September 23 to withdraw their stablecoins if they don’t want the funds converted. Wazirx Plans to Drop 3 Stablecoins and Auto-Convert Them to BUSD by October…
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