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” 314M USDC sent to null address as redemptions begin: Report “ According to Web 3.0 analytics platform Watchers (0xscope), a total of 314.167 million USD Coin (USDC) has been sent by its issuer, Circle, to the Ethereum null address with header 0x00 on Mar. 13. The null address is typically used to remove tokens…
” Bitcoin price flash spikes to $50K on Binance after USD Coin peg snaps “ The panic caused due to USD Coin’s (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in “fat finger” error The BTC/USDC pair on…
” Circle taps Cross River as banking partner, expands ties with BNY Mellon “ Circle has revealed that Cross River Bank — recognized for its services to fintech and crypto firms like Visa and Coinbase — is now its new commercial banking partner for producing and redeeming USD Coin (USDC). In addition, Circle has “expanded…
” Fed starts ‘stealth QE’ — 5 things to know in Bitcoin this week “ Bitcoin (BTC) begins a new week with a bullish surge above $22,000 as the Federal Reserve injects liquidity into the United States economy. In a move which can rival any classic Bitcoin comeback, BTC/USD is up a full 15% off…
” Biden vows to hold those responsible for SVB, Signature collapse “ The President of the United States Joe Biden has vowed to hold those responsible for the failure of Silicon Valley Bank and Signature Bank while assuring Americans that their deposits are safe. On Mar. 12, the New York District of Financial Services (NYDFS)…
” 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.” According to CoinGecko data, USDC is up…
” Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount “ Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC’s collateral was held at Silicon Valley Bank. However, not all of…
” Circle plans to cover missing liquidity in Silicon Valley Bank with corporate funds “ USD Coin (USDC) issuer Circle plans to use “corporate resources” to cover the shortfall on its reserves following Silicon Valley Bank’s shutdown, said the company in a statement on March 11. According to Circle, USDC liquidity operations will “resume as…
” USDC slowly repegs on unconfirmed reports of SVB resolution “ According to a post on Mar. 11 by Bob Elliot, chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of prominent American tech bank Silicon Valley Bank (SVB). Elliot claimed, among many items, that…
” Curve Finance trading volume reaches $7B historic high after USDC depeg “ Stablecoin swapping pool Curve Finance is experiencing the highest daily trading volume in its history, exceeding $7 billion in the past 24 hours after the Silicon Valley Bank (SVB) collapse triggered a wave of uncertainty across markets and depegged the USD Coin…