2 years ago
Arkham Intel has reported that Voyager has initiated converting its USDC holdings into fiat currency by redeeming $150M via Circle’s service, besides reporting that Coinbase had transferred $150 cardinal successful USDC to Circle.
gm
Voyager has begun cashing retired its USDC to fiat, redeeming 150M done Circle's service.
The funds were subsequently transferred to Circle, but person not yet been burned.
That day, Coinbase besides transferred $150M USDC to Circle, presumably for withdrawal. pic.twitter.com/xfjz5EA1b0
— Arkham (@ArkhamIntel) March 29, 2023
The determination comes connected the heels of Voyager’s ongoing conflict implicit its restructuring plan, including Binance’s bid to purchase the company, arsenic good arsenic galore changes to the stablecoin marketplace successful caller weeks, successful which the adjacent illness of USDC was triggered by a tally connected 3 accepted U.S. banks.
USDC Exchange Withdrawals vs. Deposits (Courtesy: Glassnode)Around 14 days person elapsed since the USDC mislaid its USD peg due to the fact that of the SBV crisis. Subsequently, a important reshuffling took place, with galore crypto users diverting their absorption from USDC to alternate stablecoins.
Voyager’s troubles
Voyager, the backstage hedge money founded successful 2018, entered into liquidation successful July 2022 aft it had been exposed to unpaid loans totaling $666 cardinal from the Singapore-based Three Arrows Capital, which led to a contagion inactive being felt contiguous each implicit crypto.
After the bankruptcy of FTX, Binance’s bid of $1 cardinal to instrumentality implicit the institution has tally into regulatory hurdles, namely from the SEC, which has said that Binance failed to supply definite pieces of accusation that would let the sale.
This is contempt having the overwhelming enactment of Voyager relationship holders, 97% of whom voted successful favour of Binance’s projected restructuring plan past December, which would spot relationship holders recoup astir 73% of the funds remaining successful their balance.
The station Voyager redeems $150M of USDC to fiat done Circle appeared archetypal connected CryptoSlate.
English (US) 