{"id":18662,"date":"2023-03-13T12:11:19","date_gmt":"2023-03-13T12:11:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/usdc-re-peg-nearly-done-as-circle-gets-its-3-3b-from-svb\/"},"modified":"2023-03-13T12:11:19","modified_gmt":"2023-03-13T12:11:19","slug":"usdc-re-peg-nearly-done-as-circle-gets-its-3-3b-from-svb","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/usdc-re-peg-nearly-done-as-circle-gets-its-3-3b-from-svb\/","title":{"rendered":"USDC re-peg nearly done as Circle gets its $3.3B from SVB"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678708678161-712ed1f1-dd7f-4d22-8894-dc072026c047-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678708678161-712ed1f1-dd7f-4d22-8894-dc072026c047-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678708678161-712ed1f1-dd7f-4d22-8894-dc072026c047-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678708678161-712ed1f1-dd7f-4d22-8894-dc072026c047-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">USDC has re-pegged to $0.99 after crashing to lows of $0.88 last week.<\/li>\n<li dir=\"ltr\">Circle, the company that issues the stablecoin, has announced the $3.3 billion risk on USDC reserves has been removed.<\/li>\n<li dir=\"ltr\">The firm also noted it had no USDC reserves exposure with Signature Bank.<\/li>\n<\/ul>\n<p dir=\"ltr\">The USD Coin (USDC) stablecoin is nearly fully re-pegged following last week\u2019s massive de-pegging to under $0.90.<\/p>\n<p dir=\"ltr\">Data from CoinGecko showed that USDC had repegged nearly 4% in the past 24 hours, with the stablecoin above $0.99 as of 7.20 am ET on Monday. As tweet below from CoinGecko indicates, USDC has indeed held impressively above $0.99 since late Sunday.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> is now at $0.993 following a joint statement from the Federal Reserve, Treasury Department and FDIC that all depositors in Silicon Valley Bank will be made whole and have access to their funds on Monday. <a href=\"https:\/\/t.co\/Y7GsTS6W3Z\">pic.twitter.com\/Y7GsTS6W3Z<\/a><\/p>\n<p>\u2014 CoinGecko (@coingecko) <a href=\"https:\/\/twitter.com\/coingecko\/status\/1635094735533793284?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">The upbeat mood stemming from the USDC news has also permeated the broader crypto market, with Bitcoin price breaking above $22,000 and Ethereum reclaiming the $1,600 price level.<\/p>\n<h2 dir=\"ltr\">Circle says also announces \u201cno exposure\u201d to collapsed Signature Bank<\/h2>\n<p dir=\"ltr\">On Monday morning, Circle announced it was set to have its $3.3 billion USDC reserves that had been <a href=\"https:\/\/coinjournal.net\/news\/circle-says-3-3b-of-usdc-reserves-stuck-at-silicon-valley-bank\/\">stuck<\/a> at the collapsed Silicon Valley Bank (SVB) back. The development follows the move by the US Treasury and US prudential regulators\u2019 swift action towards making depositors at SVB and the <a href=\"https:\/\/coinjournal.net\/news\/new-york-banking-authorities-shut-down-crypto-friendly-signature-bank\/\">now shuttered crypto-friendly bank Signature Bank<\/a>, whole.<\/p>\n<p dir=\"ltr\">According to Circle, the $3.3 billion at SVB accounted for about 8% of the entire USDC cash reserve backing. These money will be available when banks open (on Monday, 13 March 2023). Circle has cash reserves amounting to approximately $9.7 billion (23% of reserves) at the BNY Mellon.<\/p>\n<p dir=\"ltr\">Commenting on the US government\u2019s move, Circle co-founder &amp; CEO Jeremy Allaire, said in a <a href=\"https:\/\/www.circle.com\/en\/pressroom\/3.3-billion-of-usdc-reserve-risk-removed-dollar-de-peg-closes\" rel=\"noopener noreferrer\" target=\"_blank\">press release<\/a>:<\/p>\n<p dir=\"ltr\">\u201c<em>We are heartened to see the U.S. government and financial regulators take crucial steps to mitigate risks extending from the banking system. We\u2019ve long advocated for full-reserve digital currency banking that insulates our base layer of internet money and payment systems from fractional reserve banking risk<\/em>.\u201d<\/p>\n<p dir=\"ltr\">Also notably, Circle has also reiterated that it had no cash reserves exposure at the closed Signature Bank. The company has also announced customers can now access automated USDC minting and redemption via its new banking partner Cross River Bank, maintaining USDC is redeemable 1:1 with the US dollar.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Circle\u2019s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank. <a href=\"https:\/\/t.co\/ybkSEedzrC\">https:\/\/t.co\/ybkSEedzrC<\/a><\/p>\n<p>\u2014 Jeremy Allaire (@jerallaire) <a href=\"https:\/\/twitter.com\/jerallaire\/status\/1635114973830725633?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/usdc-bounces-to-0-99-as-circles-3-3b-reserve-risk-is-removed\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) USDC has re-pegged to $0.99 after crashing to lows of $0.88 last week. Circle, the company that issues the stablecoin, has announced the $3.3 billion risk on USDC reserves has been removed. The firm also noted it had no USDC reserves exposure with [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":18663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18662"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18662"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18663"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}