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. According to the blog post, Circle redeemed $3.8 billion USDC and minted $0.8 billion new USDC tokens between Monday and Wednesday this week, making the net outflow $3…
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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. As a result of the increase in marketshare for tether, Binance USD (BUSD), a stablecoin issued by US-based Paxos Trust Company for Binance, USD coin, and…
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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). Binance’s partner said that its decision to stop supplying one of its products to the exchange’s…
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Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar. The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million…
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Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it has millions of dollars in corporate cash balance with Signature Bank, which was recently shut down. The news came via a Twitter thread on March 13, revealing that Coinbase had around $240 million with the bank as of the close of…
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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. In a Monday tweet, Binance CEO Changpeng Zhao said the world’s largest cryptocurrency exchange plans to convert the remaining $1 billion of its Industry Recovery Initiative funds to…
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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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USD Coin is going to survive Silicon Valley Bank’s collapse. But it should inspire advocates of cryptocurrency to prepare for future systemic shocks. Over the past week, investors understandably became concerned over the news that billions of dollars backing USD Coin (USDC) — the second-largest stablecoin — were locked up in the distressed Silicon Valley…
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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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On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and…
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