USDC depegs as Circle confirms $3.3B stuck with Silicon Stablecoin Market Depeg Strong Due To The Fall Of Silicon gac

by munyuksuwgac
Published: 03/11/2023 (2 weeks ago)

USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank At the time of writing, USDC lost 3% of its value as it traded at $0.969, and a Circle executive envisions broader USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal Consensus Magazine Consensus Webinars Indices About Markets Finance Technology Web3 Policy CoinDesk Studios Sponsored Content Circle Internet Financial’s USDC stablecoin, which is the second-largest stablecoin at $42 billion of market cap, depegged from the U.S. dollar as contagion from the collapse of Silicon Valley

Bitcoin BTC -1.5%, ethereum and other major cryptocurrencies are braced for extreme volatility after Circle’s $43 billion USDC USDC 0.0% stablecoin lost its U.S. dollar peg— topping off a wild USDC and SVB Circle, the company behind USDC, had $3.3 billion or 8% of its reserves at Silicon Valley Bank (SVB) before its collapse. Now, Circle is facing a high number of people withdrawing their funds, causing the value of USDC to decrease. As a result, some exchanges like Coinbase and Binance have suspended certain transactions involving USDC. Circle’s US Dollar-pegged stablecoin USD Coin (USDC) suffered a depeg after the collapse of the Silicon Valley Bank (SVB). USDC dropped from its $1 peg and is exchanging hands at $0.88 at

USDC, DAI, USDD Depeg As SVB Crisis Deepens USD Coin (USDC), the second largest stablecoin witnessed its dollar pegged value to drop by 11% over the past day BTC $202331.61% ETH $1455.233.6% NEXO Earn daily interest on your crypto and EUR, GBP and USD NEXO USDC price has been depeg (falling off the $1 mark) because of the above negative news, falling to the $0.997 mark. This is the deepest depeg of USDC since July 2020, lower than crises like LUNA-UST or FTX. 24h USDC price chart. Source: CoinMarketCap

The Anchor Protocol community has submitted a proposal to restore the TerraUSD ( UST) stablecoin, which was trading at 57 cents at the time of writing, to its $1 peg. Dubbed ” Emergency measures Summary of Results. Our on-chain investigation revealed that a small number of players identified vulnerabilities early into the UST de-peg, specifically in the relatively shallow liquidity of the Curve pools securing TerraUSD (UST)’s peg to other stablecoins, and moved to exploit these by: 1. Withdrawing UST funds from the Anchor protocol on UST Depeg. UST Depeg: What’s happening right now and what are the options; FAQ: UST depegging and your funds; USDC withdrawals during UST depeg; How to withdraw UST? Tutorial: withdrawing UST from Stablegains into KuCoin; LUNA airdrop. LUNA airdrop – details; LUNA airdrop – distribution of tokens under vesting