On Wednesday, Circle CEO Jeremy Allaire blamed the continued decline in the value of the USD Coin (USDC) stablecoin on the regulatory burden and the efforts of authorities to discredit the cryptocurrency market. Allaire said investors are trying to “de-risk out of the US” because of the ambiguity of US
The Silicon Valley Bank (SVB) incident happened at a time when the global cryptocurrency market was still recovering from last year’s substantial slump. This is when the massive outflow of USDC began. The FTX exchange and the TerraUSD and LUNA collapse instilled fear in investors against the crypto market. This
Circle, the company behind the USD Coin (USDC) stablecoin, has submitted an application for regulatory authorization in France. In order to legally operate in France, the company has applied to become both an Electronic Money Institution (EMI) and a DASP (Digital Asset Service Provider). On March 21, Circle issued a
A recent update from the Circle team regarding USDC operations guarantees the removal of backlogs. Additionally, a request for redemption of USDC has also been made, at the EOD of the U.S. banking sector on March 15th. Update: As of close of U.S. banking operations Wednesday, March 15, we have
Circle, the company behind the USDC, said in a statement that the stablecoin will once again be exchangeable for dollars at a rate of one-to-one beginning on Monday. As a result of the unexpected closure of SVB on March 11, the company has developed a strategy to draw into its
The second largest stablecoin USD Coin (USDC) depegged from its $1 parity owing to the shutdown of the US banking giant Silicon Valley Bank on Friday. The failure of this largest bank is registered as the worst banking crash since the 2008 financial crisis. The custom of crypto firms depositing
As a result of a bank run and a capital problem, Silicon Valley Bank was the second biggest financial institution to fail in the United States. It went under on a Friday morning. The bank in California was shut down by authorities and transferred to the supervision of the US
Circle, a digital currency company, has revealed that Citizens Trust Bank, an Atlanta institution established in 1947, would store $65 million in USD coin (USDC) reserves. This decision follows a string of previous ones. In which Circle announced allocating money to several banks in the United States. To provide just
Circle, the company that issued USD Coin, has refuted that it was served with a “Wells Notice” due to the stablecoin’s tie to the US dollar. On February 14, Fox Business reporter Eleanor Terrett tweeted that the U.S. Securities and Exchange Commission (SEC) had ordered Circle to stop selling USDC
USDC stablecoin issuer Circle claims the SEC’s inactivity caused it to be unable to go public. Via a $9 billion SPAC merger last year. In the wake of the FTX cryptocurrency exchange’s collapse last month. A planned merger between Circle and Concord Acquisition, a special-purpose acquisition firm established by former
