On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET)…
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The Silicon Valley Bank collapse on March 10 has sparked fear, uncertainty and doubt across the crypto community. The Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, uncertainty and doubt (FUD) across the crypto community, leading many to return to crypto roots — reviving the Bitcoin white paper published just weeks after…
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At the time of writing, USDC had lost over 10% of its value as it traded at $0.8774, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan. Almost immediately after USD Coin (USDC) issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves…
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Circle joined other customers and depositors in calling for the continuity of SVB in the US economy. On March 10, Blockchain payment tech company and USD Coin (USDC) issuers Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon…
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Circle’s reserves are held in a number of banks in the United States, including Silvergate, Silicon Valley Bank and Bank of New York Mellon. USD Coin (USDC) issuer Circle’s exposure to the United States banking system sits near $9 billion, according to its latest audit report from January. Circle’s reserves are held in a number…
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At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value. Details of Silvergate’s Wind Down and Liquidation Plan Over the last six months, Silvergate Capital Corporation’s…
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A total of five crypto companies ended their partnership with Silvergate Bank on March 2 after a series of lawsuits and investigations against the bank. Silvergate Bank — a prominent lender to crypto firms — lost five partners on March 2 due to a slew of investigations and lawsuits against it. Coinbase, Paxos, Gemini, BitStamp…
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BUSD’s market cap is down by nearly $14 billion from its all-time high of $23.49 billion, set on Nov. 15, 2022. Binance USD’s (BUSD) market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a…
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On Friday, the cryptocurrency firm and stablecoin issuer Circle announced that the financial institution Citizens Trust Bank will hold $65 million in usd coin cash reserves. Circle said the move is part of the company’s plan to allocate shares of the stablecoin’s denominated reserves to minority-owned depository institutions (MDIs) and community banks across the United…
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The Atlanta, Georgia-based bank joined the Federal Reserve System in 1947 and is classified as a Minority-owned Depository Institution. Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some of its reserves in USD Coin (USDC) — a move the companies said…
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