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.
USDC Stablecoin Issuer Circle Confirms $3.3B Stuck With Collapsed Silicon Valley Bank
Circle has joined other depositors and customers in urging for the continuity of Silicon Valley Bank (SVB).
Circle Discloses $3.3B Tied Up at Silicon Valley Bank
On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB).
USDC Issuer Circle Says It ‘Awaits Clarity’ From FDIC on Silicon Valley Bank Collapse
USDC issuer Circle Internet Financial said late Friday it "awaits clarity" from federal banking regulators on the status of its deposits at Silicon Valley Bank, one of the six financial institutions it said are responsible for managing one quarter of the assets backing its $43 billion stablecoin.
Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank’s Shutdown
Circle Internet Financial’s USDC stablecoin saw some $1 billion in net redemptions since Friday morning when Silicon Valley Bank (SVB), one of Circle’s banking partners, was shut down by regulators, blockchain transactions from crypto intelligence platform Nansen show.
Scrutiny Falls on $43B USDC Stablecoin’s Cash Reserves at Failed Silicon Valley Bank
U.S.-based stablecoin issuer Circle held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank of Jan. 17, according to the firm's latest attestation.
Circle USDC Has Increased by 1 Billion US Dollars in the Past Week
From February 23rd to March 2nd, Circle issued a total of US $ 2.7 billion USDC, redeem $ 1.7 billion USDC, and increased its circulation by about 1 billion US dollars.
![[2025 Annual Guide] Crypto Data Engineering Guide](https://img.cointime.com/images/rWNk2dKKxkbIZHo0tclX8DsjdovJwQKo2b5kMDYP.jpg)
