Circle Reserves Worth $3.3B at SVB To Be ‘Fully Available’ Soon
Popular stablecoin issuer Circle has announced that the $3.3 billion in USD Coin (USDC) reserve deposits held with Silicon Valley Bank will be fully recovered when banks reopen in the United States on Monday.
Circle Says USDC Operations Unaffected by SVB, Signature Closures
The closure of Silicon Valley Bank and Signature Bank won’t affect Circle’s USDC operations.
USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion
USDC and other cryptocurrencies were having a rough trading session Monday following an announcement from U.S. authorities outlining measures to minimize the impact of the collapse of Silicon Valley Bank.
Circle Says US$3.3 Bln USDC Reserve at SVB Available Monday, Announces Partnership with Cross River
Stablecoin issuer Circle Internet Financial said Monday the US$3.3 billion in USD Coin (USDC) reserve deposits held at the failed Silicon Valley Bank will be fully recovered when banks open on Monday in the U.S., reflecting a statement from financial authorities. The US$3.3 billion accounts for about 8% of the total USDC reserve, Circle said in a statement, adding that it held no cash reserves at Signature Bank, which was also taken over at the weekend by the Federal Deposit Insurance Corporation.
Circle:$3.3 Billion of USDC Reserve Risk Removed, Dollar De-Peg Closes
The $3.3B USDC reserve deposit held at Silicon Valley Bank, about 8% of the USDC total reserve, will be fully available when U.S. banks open tomorrow morning.
Circle Minted $407.8 Million $USDC, This Is the Largest USDC Minting in the Last 7 Days
Circle minted $407.8 million $USDC about 10 minutes ago This is the largest USDC minting in the last 7 days Hourly net change: +$463.8 million
US Fed Announces $25B in Funding To Backstop Banks
Hot on the heels of several United States bank collapses, the Federal Reserve has announced $25 billion worth of funding aimed at backstopping banks and other depository firms.
USDC, Crypto Rallies on News That SVB, Signature Bank Deposits Are Safe
USDC nearly regained its peg and cryptocurrencies rallied on the news that all Silicon Valley Bank and Signature Bank deposits will be fully returned to customers.
BTC, USDC Soar After Government Promises To Rescue All Silicon Valley Bank Depositors
The U.S. government’s biggest financial regulators released a joint statement on Sunday promising to save every last depositor at Silicon Valley Bank (SVB) – even those not fully covered by standard federal deposit insurance.
USDC Bounces Back Toward $1 Peg After Fed Announcement
Circle’s stablecoin USD Coin (USDC) is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has new banking partners lined up at “banking open tomorrow morning.”
SEC Reportedly Monitoring Circle’s Exposure to SVB, USDC Stablecoin Considered Security
SEC has reportedly been monitoring Circle's exposure to at-risk banks, particularly Silicon Valley Bank.
Circle Burned $649.3M USDC and Minted $16.7M USDC in the Last 24 Hours
According to Nansen, Circle burned USDC valued at $649.3 million and generated USDC worth $16.7 million in the last 24 hours, which suggests a sluggish pace.
Nansen CEO Says Circle and USDC to Recover, Suggests Flawless Redemptions on Monday
He suggests Circle conduct calls with the top 10 market makers throughout the weekend to gain their trust, and avoid public calls for bailouts.
Circle to ‘Cover Any Shortfall’ in USDC Reserves, Sparking Stablecoin Rally
Circle Internet Financial said Saturday it will “cover any shortfall” in the assets backing its stablecoin USDC in the event it does not receive the entirety of a $3.3 billion cash reserve it was holding at Silicon Valley Bank.
Circle CEO: USDC to Resume Liquidity Operations on Monday and Maintain 1:1 Value With US Dollar
Circle affirmed that it would utilize its corporate resources to compensate for any shortage in case SVB fails to return the entire $3.3 billion cash reserves.
Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to 'Stand Behind USDC and Cover Any Shortfall'
On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United States. Circle said that the company’s teams would be ready on Monday to “handle significant volume” and that the firm will “stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary.”
USDC Set to Regain $1 Peg As Circle Devises New Strategy to Cover Shortfall
In an official statement, USDC issuer Circle stated that it would resume normal operations from Monday and that the stablecoin will be redeemable one-for-one with the U.S. dollar as it plans to utilize “corporate resources” to cover any shortfall in its reserves following the bank’s abrupt shutdown on March 11.
Circle’s USDC Redemptions Reaches $2.5 Billion in 24Hrs, Exchange Inflow $7B
Stablecoin issuer Circle’s USD Coin (USDC) redemptions reach over $2.5 billion in the last 24 hours. Investors move away from USDC stablecoin as Silicon Valley Bank (SVB), one of the six banking partners that managed 25% of reserves, was closed by a U.S. regulator and transferred to the U.S. FDIC to protect depositors.
Binance Switches to Multiple Stablecoins, Discontinues Auto-Conversion Policy
Binance CEO Changpeng “CZ” Zhao on Saturday announced that Binance will now support multiple stablecoins and discontinued its Binance USD (BUSD) Auto-Conversion policy introduced last September. The move surprisingly came after Circle’s USDC stablecoin depeg due to $3.3 billion exposure to failed Silicon Valley Bank.
USDC Tumbles to $0.94 As Circle Reveals $3.3 Billion Held at SVB
USDC, the second largest stablecoin and the one issued by Circle, has lost its peg across numerous exchanges. At the time of this writing, it’s trading at around $0.94, according to data from CoinGeko.
