On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project’s stablecoin, DAI. Makerdao Proposes Changes to Limit Exposure…
Read more
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)…
Read more
“Proposal(s) implementing the above changes are expected to be posted in the next ~12 hours or less,” says MakerDAO. According to a forum post from MakerDAO, the issuer of the U.S. dollar-pegged Dai (DAI) stablecoin, on March 11, the firm requested an “urgent executive proposal to mitigate risks to the protocol.“ Maker said it possessed…
Read more
The depegging of the USDC stablecoin has affected other stablecoins, wreaking havoc on crypto projects and stakeholders in a massive chain reaction. In response to the extraordinary depegging event of the USD Coin (USDC) stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to…
Read more
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…
Read more
It has been 21 days since Paxos revealed that it would no longer mint the stablecoin BUSD. Since then, over 7 billion BUSD stablecoins have been redeemed. Prior to the announcement, BUSD was once a top-ten crypto asset. However, the top ten cryptocurrencies by market valuation have changed since the redemptions. Presently, there are only…
Read more
The realm of stablecoins is an ever-evolving landscape and the number of coins in circulation for the stablecoin BUSD has fallen below the 10 billion mark to approximately 9.68 billion on March 3, 2023. Over the last 30 days, BUSD’s token supply has dropped 40% lower. In contrast, the number of tethers in circulation has…
Read more
A Binance spokesperson told Cointelegraph that they hired 600 people since January and have no imminent plans for layoffs. Cryptocurrency exchange Binance is “not planning any layoffs” and is instead trying to fill another 500 roles by the end of June, according to a Binance spokesperson. The comments came despite a huge spike in crypto…
Read more
Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos’ revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD. Coinbase to Suspend BUSD Stablecoin on March 13 On Feb. 27, 2023, Coinbase announced that…
Read more
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…
Read more
