Moody’s. About Stablecoins and Traditional Banks
In a new report, Moody’s analyzed the impact of the traditional banking system on stablecoins, as well as the possible tightening of regulation against the background of the recent banking crisis.
Voyager Redeems $150M of USDC to Fiat Through Circle
Voyager Digital, a popular cryptocurrency broker, has redeemed $150 million worth of USDC stablecoin to fiat currency through Circle, a leading provider of digital asset financial services. The redemption was completed through Circle's USDC issuance and redemption platform, which allows users to convert USDC to fiat currency and vice versa.
Circle Prefers Reserves and Payment Rails With the Fed, Says Exec
Circle is focused on securing more banking partnerships and staying in the US, according to Raagulan Pathy, the firm's APAC vice president. Speaking to Cointelegraph, Pathy said Circle had no plans to move its reserves, despite the depegging of its stablecoin USDC due to the collapse of Silicon Valley Bank (SVB) on March 10. After the SVB crash, Circle announced a new banking partnership with Cross River and an expansion of its ties with BNY Mellon. Pathy said Circle currently holds 80% of its reserves and treasuries and wants to move all its cash via payment rails to the Fed. He praised Singapore's "measured approach towards regulation" and said Circle was on a "globalisation path."
Noble Announces Bringing USDC to Cosmos
Noble and Circle have partnered to bring native USDC to the Cosmos and Inter-Blockchain Communication (IBC) ecosystem, a major milestone as Cosmos has never had a stablecoin fully collateralized and backed by fiat. The launch of native USDC gives over 50 IBC-enabled blockchains access through IBC, solving challenges such as liquidity fragmentation and disparate trust assumptions across different bridging protocols. Noble plans to become a gateway for digital assets that enter the IBC ecosystem and aims to offer the best user experience by providing a single canonical token with deep liquidity. Noble has also developed a packet-forwarding middleware application to streamline the transfer process. The integration will first benefit the ecosystem, and Noble aims to become a premier platform for integrating solutions for issuers of digital assets.
Noble Partners With Circle Financial to Integrate USDC on Cosmos Blockchain
Token protocol startup Noble has partnered with Circle Financial to bring the USDC stablecoin to the Cosmos ecosystem, with access to more than 50 Inter-Blockchain Communication (IBC) networks. After USDC becomes native to Cosmos, it will be the ninth blockchain where the stablecoin is natively hosted. USDC is hosted natively on Ethereum, Solana, Avalanche, Tron, Algorand, Stellar, Flow, and Hedera. Additionally, USDC is bridged to Arbitrum, Near, Fantom, and Polygon. This new native support will help overcome challenges with bridging techniques. Noble says this integration will catalyze hundreds of millions of dollars in liquidity over the coming months in Cosmos. (Bitcoin.com)
Circle Reveals Majority of USDC Reserves in Short-Term US Treasuries, 20% in GSIB Cash Deposits
Circle has released a <a href="https://www.circle.com/blog/how-the-usdc-reserve-is-structured-and-managed">report</a> detailing the structure and management of USDC reserves. Approximately 80% of USDC reserves are invested in short-duration U.S. Treasuries, with the remaining 20% held as cash deposits in global systemically important banks (GSIBs).
Circle Reveals USDC Reserve Structure: 80% in Short-Term US Treasuries, 20% in GSIB Cash Deposits
The firm also holds modest funds at transaction banking partners in support of USDC liquidity operations.
Circle Announces USDC Launch for Cosmos via Noble Network
USD Coin (USDC) will soon be available in the Cosmos ecosystem via the Noble network (STAKE), according to a blog post from the Noble development team. The post was shared on Twitter by USDC issuer Circle.
Circle Brings USDC Stablecoin to Cosmos, Launches on Noble.xyz Soon
Circle also reveals that USDC is expected to launch on noble.xyz soon.
Voyager Sent $150 Million of USDC to Circle to Redeem for US Dollars
On-chain data show a new stage of Voyager Digital's effort to offload its crypto assets, as the shuttered exchange transferred $150 million in the USDC stablecoin to Centre, a joint venture between Coinbase and Circle.
Circle’s USDC To Launch on Cosmos
Circle’s USDC, the second-largest stablecoin on the market, is set to launch on Cosmos.
Circle CEO Says ‘Aggressive Regulatory Actions’ on Crypto Caused ‘Deep Market Anxiety’
Circle CEO Jeremy Allaire has warned about the risks facing the crypto market due to exposure to the U.S. Dollar and the regulatory risk in the U.S. financial system.
Xapo Bank Partners with Circle to Integrate USDC Payment Rails, Offering 4.1% Annual Interest Rate on Deposits
All USDC deposits are automatically converted to USD, allowing members to benefit from a 4.1% annual interest rate return on their deposits.
Xapo Bank Partners With Circle to Enable USDC Deposits and Withdrawals
Bitcoin custodian and licensed private bank Xapo Bank has partnered with financial technology company Circle to integrate USD Coin (USDC) payment rails as an alternative to SWIFT. Payment rails refer to the infrastructure and technology used to facilitate the movement of funds between parties in a financial transaction. Payment rails come in many forms, including traditional bank wires, credit card networks, and blockchain-based platforms.
Circle Confirms Chief Strategy Officer’s Account Was Hacked, Airdrop Thread Is ‘Not Legitimate’
Circle chief executive officer Jeremy Allaire confirmed that a Twitter thread promising USDC holders a one-time bonus in the form of an airdrop was bogus.
Circle USDC Stablecoin Redemptions Rise to About $6 Billion
On March 20, users redeemed $738.6 million USDC, while Circle issued less than $9 million of the token on the Ethereum blockchain, according to researcher CryptoCompare. The day before, customers redeemed $23.3 million as Circle issued $231 million on the network, data shows. Since the beginning of March, Circle burned about $12.2 billion USDC, while issuing about half as much on Ethereum, CryptoCompare found.
USDC Issuer Circle Seeks Regulatory Approval in France Amid US Banking Troubles
USD Coin (USDC) issuer Circle has applied to become a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP) in France — expanding its operations in Europe.
Crypto Evening Briefing: Over $1 Billion of Ether Has Been Lost Forever Due to Bugs and Human Error
More than $1 billion of ether has been lost forever due to bugs and human error, according to research by Conor Grogan, director of product strategy and business operations at Coinbase.
Circle Applies for French Crypto License As Stablecoin Issuer Expands in Europe
Stablecoin issuer Circle has applied for a French crypto asset license as part of a wider growth strategy for Europe.
USDC Issuer Circle Offered $3 Billion Emergency Backstop From Coinbase
A multi-billion dollar emergency credit facility from American crypto exchange Coinbase to Circle Internet Financial recently came to light. The credit line was reportedly offered to the USDC issuer last week after the collapse of Silicon Valley Bank. The bank contained $3.3 billion of Circle’s reserve deposits that backed the world’s second largest stablecoin.
