2 years ago
According to Circle, USDC liquidity operations volition "resume arsenic mean erstwhile banks unfastened connected Monday greeting successful the United States," enabling USDC redemption astatine 1:1 with the U.S. dollar.
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USD Coin (USDC) issuer Circle plans to usage "corporate resources" to screen the shortfall connected its reserves pursuing Silicon Valley Bank's shutdown, said the institution successful a connection connected March 11.
According to Circle, USDC liquidity operations volition "resume arsenic mean erstwhile banks unfastened connected Monday greeting successful the United States," enabling USDC redemption astatine 1:1 with the U.S. dollar.
The announcement came aft the stablecoin mislaid its $1 peg connected March 11 to commercialized arsenic debased arsenic $0.87 earlier dilatory re-pegging astatine $0.97 astatine the clip of publication. The stablecoin mislaid its peg aft the disclosure of $3.3 cardinal of Circle's reserve astatine Silicon Valley Bank.
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