Tag Archives: circle

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...

The past 24 hours saw the cryptocurrency market take a bit of a breather as it managed to recover around $16 billion in terms of its total capitalization. That said, the turmoil around USDC continues, although the stablecoin recovered to about $0.95 as Circled issued a somewhat reassuring statement. USDC Recovers to $0.95 USDC’s depeg has been the hottest topic in the cryptocurrency market throughout the past 48 hours. It’s the second-largest stablecoin by means of total...

Following the second-largest bank collapse in American history on Friday, market participants are worried about which firms might be caught up in the contagion surrounding Silicon Valley Bank (SVB).  Here’s what venture capitalists and major crypto executives had to say about the failure – and why the crypto community is keeping an eye on Circle in the aftermath.  USDC, the second largest stablecoin and the one issued by Circle, has lost its peg across numerous exchanges. At...

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Following the most recent crackdown by the US Securities and Exchange Commission against several crypto companies, Jeremy Allaire opined that the agency is not the best fit to oversee stablecoins in particular. He believes these assets are part of the banking sector, thus, they need to be regulated by another watchdog in the States. The past several weeks saw the US securities regulator going after several locally based crypto firms, starting with Kraken and its staking...

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Circle – the issuer of the world’s second-largest stablecoin, USDC – reportedly warned the New York Department of Financial Services (NYDFS) last Autumn that Binance has been mismanaging its token reserves. This came months before Monday’s announcement that Paxos is ending its relationship with Binance surrounding BUSD, by order of the New York regulator.  Circle’s Private Warning As reported by Bloomberg, USDC alerted the NYDFS to blockchain-based signs that Binance did not...