US Authorities Probe Jump Trading and Jane Street Conversations About TerraUSD Bailout
The US Justice Department has probed the two major trading firms Jump Trading and Jane Street about plans for a potential bailout of the Terra network’s failed algorithmic stablecoin TerraUSD (UST).
Tron [TRX] Finds Impetus Thanks to Stablecoin Transfers in This Way
Amidst all the chaos in the crypto-markets following the collapse of crypto-friendly banks, Tron [TRX]‘s ecosystem shared its latest weekly report. In doing so, it provided updates on some of its key performance indicators (KPIs).
MakerDAO Looks To Limit Volatility After USDC Troubles Pushed Some Users to DAI
MakerDAO, which manages the "decentralized" dai stablecoin, launched an emergency proposal to reduce the amount of DAI that can be minted with other centralized stablecoins after concerns over Circle's exposure to the shuttered Silicon Valley Bank pushed users away from USDC and into competing assets.
$70M in Fresh On-Chain USDC Positions at Risk of Liquidation if Stablecoin Depegs by 10%
Traders using decentralized finance (DeFi) protocols to bet on a USDC revival over the weekend are at risk of eight-figure liquidations if the stablecoin loses its $1 peg again this week.
TUSD’s Supply Crosses $2B Amid Banking Woes for Stablecoin Rivals
TrueUSD’s (TUSD) circulating supply has more than doubled in the last two weeks, reaching over 2 billion tokens on March 13.
USDC Stablecoin Nears Parity With USD After Fed's Bailout Announcement
The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. Following the Fed announcement, Circle CEO Jeremy Allaire said on Twitter that the company would rely on BNY Mellon to settle the process of minting and redemption.
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’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.
FRAX Stablecoin Trading at $0.90, Drops 9.51% in 24-Hour
According to Cointime, FRAX, a stablecoin protocol backed by both asset collateralization and mathematical cryptographic algorithms, is trading at $0.90 USD as of press time, with a 24-hour drop of 9.51%.
USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses
Stablecoins derive their value from those reserves; if one is worth more than $43 billion – as USDC was earlier on Friday – there should be roughly that much cash or cash-like fixed-income instruments stashed somewhere backing that up. USDC's market capitalization has now slumped below $40 billion.
