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One of cryptocurrencies The largest in the market is in trouble. stablecoin call USDC hit hard this weekend after falling from the dollar to 87 cents, causing panic among its investors.
This Saturday the cost USDC affected by the crisis experienced by a large bank in the technology sector: Silicon Valley Bank. What’s happened?
New crisis?
A stablecoin is a cryptocurrency that, thanks to physical or algorithmic reserves, keeps its value pegged to the value of a fiat currency. In this case USDC it had parity with the US dollar, so its value should not have fallen at any time.
However, its management company Circle admitted this weekend that $3.3 billion of its $10 billion in cash reserves is in reserve. Silicon Valley Banka bank that came under the control of the US authorities due to the “insolvency” of funds.
Saturday, March 11 USDC fell to 87 cents. According to data from CoinGeckothe previous all-time low was around $0.97 in 2018. Most recently, the coin dropped to $0.99 following the collapse of Three Arrows Capital.
At the time of this writing, USDC costs 95 cents.
House of cards
stablecoins they serve as a back-up method between conventional money and cryptocurrencies. And its functionality allows the error to cause a continuous crisis. For example, several other stablecoins, including FRAX and DAI, use USDC as collateral.
On Friday, Circle said it would “continue to operate as usual” while waiting for more information on what will happen to SVB customers.
“As of Thursday, we have begun transferring these funds to other banking partners. Although these transfers have not yet been made by Friday’s close of business, we remain confident that the FDIC will handle the SVB situation and are ready to receive these funds.” Circle said Saturday, adding that its $5.4 billion in cash assets are held by BNY Mellon, “one of the largest and most stable financial institutions in the world.”
The company expects to return to normal operations this Monday.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.