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
A bankruptcy counsel for BlockFi argues that the cryptocurrency lender is secure and in no imminent danger, even though Silicon Bank has been exposed as a potential risk. Christine Okike, the attorney for the troubled corporation in New Jersey, indicated that the business has adequate finances to maintain normal operations even if it is currently … 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
The Gemini exchange has reassured its consumers that all GUSD reserves are held with respectable banks, including Fidelity. The weekend’s failure of Signature Bank & Silicon Valley Bank to remain open was detrimental to the overall state of the banking industry in the United States. On the other hand, Gemini Trust Company LLC, an experienced … Read more
In the last twenty-four hours, the price of a bitcoin has increased by 7.18%, and it is currently selling for over $25,909. Bitcoin (BTC) has managed to increase its market valuation, reaching a point where it has surpassed that of the giant tech Meta. This occurred despite the recent failure of the three ‘S’ banks. … 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
Ripple CEO Brad Garlinghouse addressed his company’s exposure to the failed Silicon Valley Bank (SVB) in a Twitter thread on March 12 that was directed to his 700,000 followers. In the thread, he emphasized (1) that Ripple remains financially stable despite the risk. The executive pointed out that although Ripple has exposure to SVB as … 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
According to published reports, BlockFi also owns $227 million in the bankrupt Silicon Valley Bank, which was not covered by insurance. As the drama surrounding the closing of Silicon Valley Bank unfolds (1) more, other victims are coming to light. Circle, the company responsible for the widely used USDC stablecoin, was the first to suffer … Read more