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Tag: USDC

Circle Plans to Cover USDC Shortfall After SVB Shutdown

Circle, the issuer of the stablecoin USD Coin (USDC), has been forced to take action to cover a significant shortfall in its reserves after...

$1 Billion Buying Pressure On Bitcoin, ETH, BNB Incoming, Binance Will Convert Recovery Fund

Bitcoin and the broader crypto market showed a strong recovery on Sunday afternoon (EST), although it was probably the most chaotic weekend in a...

MakerDAO to Reinforce DAI Peg With Parameter Changes

The MakerDAO community has voted to enact an emergency governance proposal aimed at reinforcing DAI’s peg to the U.S. dollar. A new set of parameter...

Circle to Bring On New Banking Partner for USDC Minting, Redemption

Stablecoin issuer Circle can no longer count on Signature Bank’s “SigNet” for USDC settlements. In a series of tweets on Sunday, Circle CEO Jeremy Allaire...

Coinbase Says It Holds $240 Million in Cash at Signature Bank

Crypto exchange Coinbase disclosed a significant cash balance at Signature Bank, which has been shut down by U.S. regulators.In a tweet on Sunday, Coinbase...

Regulators Close Signature Bank Following SVB Collapse

New York-based Signature Bank has been shut down by regulators.A joint statement issued by the U.S. Treasury, Federal Reserve and the Federal Deposit Insurance...

$USDC Regains Its Peg After U.S. Treasury Department Says Depositers of SVB Will Be Made Whole

On Sunday (March 12), the crypto market had a great to reason to cheer after U.S. Secretary of the Treasury Janet L. Yellen, Federal...

How Not to Bank: Lessons for Web3 Startups from Silvergate Shutdown and SVB Bank Run

Banking.This is one thing that crypto wanted to change right from the start.I mean think about the buzzwords + phrases:“Bank the unbanked”“Decentralized banking”“Banking for...

Binance CEO CZ ‘Banks are a risk to fiat-backed stable coins’ in reaction to SVB, USDC Depegging

Meanwhile, Binance is not alone in considering a move into traditional finance; Kraken has also stated its intention to open a bank.Read more: Kraken...

This Week on Crypto Twitter: Crypto Has a Banking Crisis

Prices took a dive this week as two banks closely connected to the crypto industry both sank. The first was Silvergate, an actual crypto...

USDC Volatility Lifts Bitcoin’s Coinbase Premium to 3-Year High

"When news broke that Circle's funds were stuck in Silicon Valley Bank, users rushed to redeem their USDC for USD," Ignas said. "On Coinbase,...

Silicon Valley Bank Bailout Ruled Out By Treasury Secretary Janet Yellen

Treasury Secretary Janet Yellen said Sunday that the federal government is not considering a bailout for Silicon Valley Bank, but is focused on addressing...

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