USDC

2023 - 3 - 11

Post cover — Image courtesy of "Bloomberg"

Circle's USDC Stablecoin Depegs on $3.3 Billion SVB Exposure (Bloomberg)

USD Coin, the stablecoin issued by Circle Internet Financial Ltd., fell further from its dollar peg and traded as low as 90 cents as investors reacted to ...

Circle said $3.3 billion of its about $40 billion of reserves backing the stablecoin remain at Silicon Valley Bank, which became one of the largest bank failures in US history on Friday. Stablecoin Firm Circle Reveals $3.3 Billion Exposure to Silicon Valley Bank UK to Spend £20 Billion on Carbon Capture in Clean Energy Push

USDC investor shells out $2M to receive $0.05 USDT trying to ... (Cointelegraph)

While the crypto market responded with a massive sell-off, not all USDC investors were lucky enough to walk away with their funds amid the uncertainty.

He explained the nuances that eventually led to a maximal extractable value (MEV) bot netting $2.045 million in profit after paying $45 in gas and $39,000 in MEV bribes. On-chain investigations revealed that the user had stored the assets in a liquidity pool (LP) — a popular method to earn passive income in cryptocurrencies. [Silicon Valley Bank did not transfer $3.3 billion](https://cointelegraph.com/news/circle-discloses-3-3b-tied-up-at-silicon-valley-bank) of its USD Coin ( [USDC](https://cointelegraph.com/usdc-price-index)) reserves, the market responded with a massive sell-off — [depegging the stablecoin](https://cointelegraph.com/news/usdc-depegs-as-circle-confirms-3-3b-stuck-with-silicon-valley-bank) from the U.S. The user could have sold his LP tokens for USDT for a 6% slippage. Not all of them are going to make it there in one piece, however.— BowTiedPickle.eth With USDC insolvency fears rampant, users are fleeing to safety in other stables.

How USDC Stablecoin Depegging Could Break Many Crypto Firms ... (Cryptonews)

Volatility is expected to continue throughout the weekend as panic sets in after the Silicon Valley Bank collapse. The failure of SVB is hurting the reserve ...

Ket to that will be if a buyer of the bank can be found. [Peter Thiel's Founders Fund advised depositors to get out](https://www.bloomberg.com/news/articles/2023-03-11/thiel-s-founders-fund-withdrew-millions-from-silicon-valley-bank), which was the nail in the coffin for SVB – bank runs are hard to stop. The transaction ended up costing $2,080,468.85 to receive $0.05 of USDT: DAI is the fourth-largest stablecoin. The Fed putting up interest rates means the value of bonds falls, because bond yields and price have an inverse relationship. This is common practice in the fractional banking model that underpins modern banking. Traders and crypto firms reacted to the news of USDC reserve exposure to SVB by exiting their positions in the stablecoin and moving into USDC has $3.3 billion tied up at SVB. USDC and DAI in trouble – which of the top stablecoins are at risk? USDC is the second-largest stablecoin in the crypto ecosystem and is an essential part of the industry's plumbing. [FDIC the receiver](https://www.fdic.gov/news/press-releases/2023/pr23016.html) – after depositors initiated a run on the bank by trying to withdraw as much as $45 billion on Thursday. The failure of SVB is hurting the reserve position of

Traders Bet on USD Coin Rebound as USDC Falls to 90 Cents (Coindesk)

Some $4 million in USDC futures were liquidated in the past 24 hours, Coinglass data shows.

[ Consensus 2023](https://consensus.coindesk.com/), CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of [stock appreciation rights](https://www.investopedia.com/terms/s/sar.asp), which vest over a multi-year period. The funding was paid by traders who shorted USDC, paying over 0.4% to borrow the asset and bet on lower prices. Leverage could potentially magnify returns for traders betting on a recovery.

Stablecoin USDC breaks dollar peg after revealing $3.3 billion ... (Reuters)

LONDON, March 11 (Reuters) - By Elizabeth Howcroft and Rishabh Jaiswal. Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on ...

The largest, Tether, has a market cap of $72 billion, according to CoinGecko. USDC is the second-biggest stablecoin with a market cap of $37 billion. Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the U.S. bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. USDC's price usually holds close to $1, making Saturday's drop unprecedented. It recovered slightly to trade around $0.90 by 1120 GMT.

Stablecoin USDC, Part of Crypto's Bedrock, Is Caught in Silicon ... (Barron's)

Issuer Circle Internet Financial said it held a chunk of its reserves at the failed bank, while the token's price fell below a dollar.

[said](https://twitter.com/circle/status/1634391505988206592) $3.3 billion of its token’s $40 billion in reserves were at the bank, which regulators [shut down](https://www.barrons.com/articles/svb-financial-stock-portfolio-outlook-loss-93287f3d?mod=hp_LEAD_1&mod=article_inline) earlier in the day. One of the most important underpinnings of the cryptocurrency market appears to be on shaky ground, as stablecoin issuer Circle Internet Financial disclosed that a significant portion of its reserves are locked up at the failed Silicon Valley Bank and the token struggled to maintain its dollar peg. Stablecoin USDC, Part of Crypto’s Bedrock, Is Caught in Failed Silicon Valley Bank