Tag Archives: circle

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The Commodity Futures Trading Commission (CFTC) announced the addition of key industry members to the newly constituted Technology Advisory Committee (TAC). The official press release stated that the agency has appointed White House official Carole House as the new chair, while blockchain analysis company TRM Labs’ Ari Redboard has been onboarded as the vice chair of its Technology Advisory Committee. Committee Members The Technology Advisory Committee will be joined by...

Circle CEO Jeremy Allaire spoke on Tuesday recapping the Silicon Valley Bank (SVB) and USDC drama from his company’s perspective.  According to Allaire, all of the company’s cash reserves are now stored with Bank of New York Melon. Rescuing Crypto From Banking During the interview, Allaire said his company was prepared to use Circle’s own corporate funds to backstop its underwater cash reserves before banks opened on Monday. The firm held $3.3 billion with SVB, which it...

Ethereum’s Co-Founder – Vitalik Buterin – recently sent 200 ETH (approximately $350,000 at current valuations) to an address belonging to the crypto exchange Kraken and 500 ETH (over $875,000) to the DeFi protocol Reflexer. He deposited the 500 ETH to mint 150,000 RAI tokens, exchanging most for USDC.  The stablecoin passed through some turbulence lately, depegging from its target after Circle revealed a whopping $3.3 billion exposure to Silicon Valley Bank (SVB). The peg has...

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The decline of centralized entities has worked out well for their decentralized counterparts. Over the weekend, USDC witnessed a significant trading volume on several decentralized exchanges. Uniswap, for one, reached its highest daily volume ever of $11.84 billion on March 11th. But it isn’t the only decentralized protocol that saw traction. Decentralized Exchanges Register Impressive Growth The development comes in the backdrop of Circle’s USDC de-pegging event that...

Silicon Valley Bank and the crypto-friendly – Signature Bank – disclosed operational difficulties and were closed down by regulators. While some expect the collapse to prompt a domino effect, numerous cryptocurrency-related companies have already suffered losses because of their exposure to the aforementioned institutions. Let’s have a closer look. SVB’s Impact As CryptoPotato reported last week, Circle – the Boston-based company which issues the second-largest stablecoin...

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The U.S. government’s biggest financial regulators released a joint statement on Sunday promising to save every last depositor at Silicon Valley Bank (SVB) – even those not fully covered by standard federal deposit insurance.  In response to the news, both Bitcoin and USDC are quickly returning to their price levels from before the bank’s collapse.  The Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation jointly announced that every depositor would...