• Skip to main content
  • Skip to primary sidebar

Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

  • Tokenomics is not Economics – Digital CX -The Digital Transformation
  • Resume / CV – Michael Noel
  • Contact Us
  • Featured
You are here: Home / Blockchain / Circle’s USDC Reserves Remain Stuck at SVB, Raises Concerns Over Crypto Stability

Mar 11 2023

Circle’s USDC Reserves Remain Stuck at SVB, Raises Concerns Over Crypto Stability

Circle is one of the leading issuers of USDC, and the company has been on a mission to make it the preferred stablecoin in the cryptocurrency space. However, recent developments have raised concerns over the stability of USDC and its issuers.

On March 10, Circle confirmed that $3.3 billion of its $40 billion USDC reserves held at Silicon Valley Bank (SVB) have not been processed, despite wires being initiated on Thursday to remove the balances. This has raised concerns over the stability of USDC and its issuers, as investors worry about the possibility of a sudden loss of value.

This development follows Circle’s disclosure in its latest audit that as of January 31, $8.6 billion, or roughly 20% of its reserves, was held in several financial institutions, including the recently bankrupted Silvergate and the now-shuttered SVB. This has raised questions over Circle’s risk management practices and its ability to ensure the stability of USDC.

Circle has assured investors that it is working to resolve the issue with SVB and that it is confident in the stability and liquidity of USDC. However, the incident has once again highlighted the need for increased regulation and oversight of stablecoins and their issuers.

The cryptocurrency industry has long been resistant to regulation, viewing it as antithetical to the decentralized and open nature of cryptocurrencies. However, incidents like this one highlight the potential risks and vulnerabilities of the industry, and the need for regulatory frameworks that can protect investors and ensure the stability of cryptocurrencies.

The stability of stablecoins like USDC is crucial to the development and adoption of cryptocurrencies, as they provide a less volatile alternative to Bitcoin and other cryptocurrencies. However, incidents like this one raise questions about the reliability of stablecoins and their issuers, and highlight the need for greater transparency and oversight in the industry.

[mailpoet_form id="1"]

Circle's USDC Reserves Remain Stuck at SVB, Raises Concerns Over Crypto Stability Republished from Source https://blockchain.news/news/circles-usdc-reserves-remain-stuck-at-svbraises-concerns-over-crypto-stability via https://blockchain.news/RSS/

Written by bizbuildermike · Categorized: Blockchain · Tagged: blockchain

Primary Sidebar

https://youtu.be/Qvad1CQ9WOM

Blockchain Weekly Rebooted –

During the Blockchain Spring 2016 to 2020 I hosted Blockchain Weekly. Each week I interviewed someone who was doing interesting things in the blockchain space. At one time we had 29k subscribers and we were consistently getting over 15k views a week on the channel. All of that went away during the lockdown, including the Gmail address that controlled that channel. Recently, I found some of the original videos on some old hard drives. So I’m reposting a few of the relevant ones while I am starting to shoot new Blockchain Weekly Episodes to be aired 1st quarter 2023. Please subscribe to bless the You Tube Algorithm, and allow me to let you know about any updates! Our Sponsor – https://BlockchainConsultants.io

The Utah State Legislature has approved a new law, the Utah Decentralized Autonomous Organizations Act, providing legal recognition and limited liability to decentralized autonomous organizations (DAOs). This legislation, also known as the “Utah LLDs,” was passed after the combined efforts of the Digital Innovation Taskforce and the Utah Blockchain Legislature. The Utah DAO Act defines […]

Search Here

Market Insights

  • FTX Founder Allegedly Sought Federal Regulation Before Collapse
  • DeFi Hack Linked to North Korea
  • US Banking Crisis Fuels Regulation Debate
  • HSBC approves multi-million-pound bonuses for Silicon Valley Bank UK staff
  • Swiss regulators consider UBS takeover of Credit Suisse to prevent collapse
  • Mid-Size Banks Ask for Deposit Insurance Extension
  • Former Coinbase CTO Bets $1 Million on Bitcoin Reaching $1 Million in 90 Days
  • Binance Responds to U.S. Senators Letter, Excludes Financial Data
  • Crypto Entrepreneur Bail Package Revised
  • DeFi Hacker Returns $5.4M to Euler Finance

Tags

AI (259) andrewchen (4) Biz Builder Mike (28) Blockchain (824) Crowd Funding (68) crowdfundinsider (2) entrepreneur (957) eonetwork (42) Front Page Featured (33) MIT AI (89) startupmindset (145) Technology (667) virtual reality (1) youngupstarts (99)
  • Twitter
  • Facebook
  • About Us
  • LinkedIn
  • ANTI-SPAM POLICY
  • Google+
  • API Terms and Conditions
  • RSS
  • Archive Page
  • Biz Builder Mike is all about New World Marketing
  • Cryptocurrency Exchange
  • Digital Millennium Copyright Act (DMCA) Notice
  • DMCA Safe Harbor Explained: Why Your Website Needs a DMCA/Copyright Policy
  • Marketing? Well, how hard can that be?
  • Michael Noel
  • Michael Noel CBP
  • Noels Law of decentralization

Copyright © 2023 · Altitude Pro on Genesis Framework · WordPress · Log in