Circle’s USDC Stablecoin Continues to See Heavy Redemptions Despite Market Recovery
Massive redemptions for Circle’s USDC stablecoin continued on Monday, March 13, after the weekend panic and de-peg in the stablecoin. As per blockchain researcher Nansen, over $1.74 billion of USDC stablecoins were redeemed on Monday. USDC stablecoin issuer Circle faced a major blow after the Silicon Valley Bank (SVB) announced its shutdown last Friday. Circle had a staggering 43.3 billion of its reserves with SVB which led to a panic among USDC holders. (coingape)
Uniswap Hits ATH of Almost $12B in Trading Volume Amidst USDC Crisis
The decline of centralized entities has worked out well for their decentralized counterparts. Over the weekend, USDC witnessed a significant trading volume on several decentralized exchanges.
Crypto Evening Briefing: 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.
Circle Taps Cross River As Banking Partner, Expands Ties With BNY
Circle has revealed that Cross River Bank, a bank recognized for its services to fintech firms like Visa and Coinbase, is now its new commercial banking partner for the production and redemption of USD Coin (USDC) stablecoins.
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
