USDC falls to $ 0.93, since circle unveiled $ 3.3 billion, which are held by SVB, Tether and Binance
USDC falls to $ 0.93, since circle unveiled $ 3.3 billion, which are held by SVB, Tether and Binance
After the second largest banking collapse in American history on Friday, market participants are concerned about which companies could be captured by the infection around Silicon Valley Bank (SVB).
Here is what risk capital and large crypto executives had to say about failure-and why the crypto Community circle in the eye subsequently keeps an eye on.
USDC, the second largest stable coin and the one issued by Circle, has lost its bond on numerous stock exchanges. At the time of writing this article, it is traded at around $ 0.94.
However, it is important to note that Circle said that the company continues its normal operation, although 25 % of its barres reserves are at SVB-around 3.3 billion US dollars.is circle in difficulties?
According to a report, Circle's Barreserven at the end of January at US regulated financial institutions, including "Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank, a department of FlagStar Bank, Signature Valley Bank and Silvergate Bank. “
The report claims that around $ 9.88 billion are held in all of these institutions, although it is an updated number of circle The total reserves of 42.3 billion US dollars were only about $ 0.1 % higher than the outstanding debts in the form of tokens, which are $ 42.2 billion. On March 10th at 10:00 p.m., the market capitalization of USDC is $ 42.8 billion-a decrease of $ 900 million compared to four hours earlier Coingecko
fun fact guys! #Kreis from January kept part of his stable coin reserves in Signature Bank, Silicon Valley Bank and Silvergate Bank.
Signature has dropped by 46% in the month of the month, and SVB/SI have already failed🙃
The company's reserves are only 0.1 % above the outstanding token ... 10. March 2023
At the time of writing, Circle still has to publish an explanation in which it is precisely specified which part of his reserves is held in every specific bank partner. However, Circle announced 12 months ago that BNY Melon was a "main drender" of the USDC reserves. It also made it clear that the small part of his reserves at Silvergate-a crypto bank-which has occurred-is held voluntary dissolution this week-have already moved to other bank partners.
Another partner of Circle, the Signature Bank, seems to have been the first choice alternative for cryptofirms that are different from silvergate. But even this company lost 22 %on Friday because the banks had concerns about SVB.
tether and bony
Tether-the world's largest stable coin emittent-does not seem to be under the same pressure. When asked about Twitter, Paolo Ardoinino, CTO of Tether, said that the company had no commitment to SVB.
- Andrew Throuvalas (@athrouvalas) 10. March 2023 After the collapse of the SVB, the market participants seem to be Cost USDC and dai (a crypto-assisted stable coin, which mostly consists of USDC reserves) for tethers usdt in 3pool from defi protocol Curve. ardoinio described the activity in the pool as "escape to safety". Twitter . The stable coin dominance of Tether remains with 53.3 % high defi-lama . The CEO von Binance, Changpeng Zhao, has also confirmed that his company-the world's largest crypto exchange-has no commitment to Silicon Valley Bank. #binanz SVB. Funds are #safu . - cz 🔶 binance (@cz_binance) 10. March 2023 .
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