Circle, the American startup behind the USDC stablecoin, the world’s second-largest stablecoin, has provided its community with facts regarding its business operations. Circle stated (1) in a blog post published on March 14 that it had resumed its usual activities, which include the repayments of the USDC stablecoin. This information was made public. The week … Read more
Coinbase also mentioned that consumers would have the choice to cash out their existing BUSD holdings at any time of their choosing. The cryptocurrency exchange, Coinbase has made it public (1) that trading in BUSD has been halted on its platform. We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible … Read more
Circle claims that most of the reserves backing its USDC stablecoin are in the form of United States Treasury Bills. The cryptocurrency startup Circle, the issuer of the stablecoin known as USD Coin (USDC), recently announced that the USDC reserve risk that the company’s important customers were nursing had been removed. According to what was … Read more
Stablecoins are coming under increasing pressure due to the current crisis, which has witnessed the failure of three large cryptocurrency-backing institutions in the previous few days. Binance has begun changing the remaining portion of its one billion dollar industry recovery funds into other crypto assets as a direct reaction to the latest collapse of at … Read more
The worst-case scenario for cryptocurrency investors is when a rapid shift in the market conditions triggers widespread panic and a run on the market. The combined effect of these two events typically results in price fluctuations that cannot be controlled and significant financial losses for investors. The recent announcement that Circle could not withdraw its … Read more
Robert Kiyosaki has issued a warning that a third U.S. bank will fail, while Peter Schiff has stated that a “greater collapse” is on the horizon. As a result of the failure of Silicon Valley Bank (SBV) & Silvergate Bank within forty-eight hours, the financial system in the United States has been jolted, and economic … Read more
Circle, the company that issued the USDC stablecoin, said late Friday that it still has about (1) $3.3 billion in reserves at Silicon Valley Bank out of a total of $40 billion. Once a panicked public rushed to withdraw their money from the high-tech lender, the stock price plummeted. On Friday, 48 hours after one … Read more
Even while US officials are cracking down on stablecoin issuers, the asset class continues to draw market participants from all around the cryptocurrency ecosystem. A recent proposal for a new stablecoin based on Bitcoin was made by, who was a co-founder & former CEO of the cryptocurrency exchange BitMEX. Given how volatile Bitcoin is, this … Read more
The regulatory environment surrounding cryptocurrencies in the United States has been fraught with ambiguity for some time. On March 8, the Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, testified before the Senate Agricultural Committee that most stablecoins are commodities. Curiously, he also includes Ethereum (ETH) in this group, and he adds that … Read more
The Wall Street Journal has published an article detailing Bitfinex and Tether’s suspected illegal activities throughout the course of 2018. Since its debut in 2014, Tether has been plagued by a number of legal disputes and scandals, including this one. Tether has had legal trouble in the past, including a restriction from doing business in … Read more