2 years ago
Quick Take
- On Saturday, March 11, Circle CEO Jeremy Allaire announced that Circle pledges to screen immoderate shortfall successful the assets backing USDC if it does not person the entirety of a $3.3 cardinal currency reserve held astatine Silicon Valley Bank.
- USDC is simply a stablecoin meant to beryllium pegged to the US dollar but fell successful worth aft Silicon Valley Bank’s collapse.
- The worth of the stablecoin fell arsenic debased arsenic $0.88 earlier rebounding to $0.97 aft the announcement.
- Circle said it would basal down USDC and screen immoderate shortfall utilizing firm resources, involving outer superior if necessary.
- Other stablecoins, specified arsenic Dai and Gemini USD, person rallied connected this news.
The station Stablecoins rally arsenic Circle announces it volition screen each USDC deposits 1:1 appeared archetypal connected CryptoSlate.
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