{"id":522787,"date":"2023-03-13T10:24:08","date_gmt":"2023-03-13T10:24:08","guid":{"rendered":"https:\/\/wncen.com\/?p=522787"},"modified":"2023-03-13T10:24:08","modified_gmt":"2023-03-13T10:24:08","slug":"usdc-feeling-intense-pressure-despite-fed-action-to-halt-svb-contagion","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/usdc-feeling-intense-pressure-despite-fed-action-to-halt-svb-contagion\/","title":{"rendered":"USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion"},"content":{"rendered":"

USDC and other cryptocurrencies were having a rough trading session Monday following an announcement from U.S. authorities outlining measures to minimize the impact of the collapse of Silicon Valley Bank.<\/span><\/p>\n

Concerns regarding Circle’s <\/span>$3.3 billion in USDC reserves held at SVB<\/span><\/a>, which was shuttered by the California Department of Financial Protection and Innovation on March 10, drove the price of the stablecoin down to as low as $0.87 over the weekend.<\/span><\/p>\n

Circle also has reserves at the recently collapsed Silvergate, the amount of which is undisclosed.<\/span><\/p>\n

Related Reading: Cardano Sheds 23% In Value As ADA Woes Pile Up \u2013 Here\u2019s Why<\/a><\/div>\n

Circle CEO Praises US Government For Stepping In<\/strong><\/h2>\n

On Sunday, Circle’s chief executive Jeremy Allaire tweeted his support for the government and Federal Reserve’s $25 billion funding initiative to help banks with liquidity issues.<\/span><\/p>\n

\u201c100% of USDC reserves are also safe and secure, and we will complete our transfer for remaining SVB cash to BNY Mellon,\u201d <\/span>Allaire wrote<\/span><\/a>. <\/span><\/p>\n

\n

Update thread on USDC<\/p>\n

We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system.<\/p>\n

100% of deposits from SVB are secure and will be available at banking open tomorrow.<\/p>\n

\u2014 Jeremy Allaire (@jerallaire) March 12, 2023<\/a><\/p><\/blockquote>\n

\u201cAs previously shared, liquidity operations for USDC will resume at banking open tomorrow morning,\u201d Allaire said.<\/strong><\/p><\/blockquote>\n

Meanwhile, at the time of writing, Bitcoin’s price was up from $20,334 to $22,111 in just 24 hours.\u00a0<\/span><\/p>\n

When USDC Depegs<\/strong><\/h2>\n

USDC depegging from the U.S. dollar would have significant implications for the cryptocurrency market and the broader economy. <\/span><\/p>\n

In this scenario, the value of USDC would no longer be directly tied to the U.S. dollar and could fluctuate independently based on market forces.<\/span><\/p>\n

The depegging of USDC would likely lead to significant volatility in the cryptocurrency market, as traders and investors seek to adjust their positions to account for the change in value. <\/span><\/p>\n

It could also have broader implications for the use of stablecoins in commerce, as merchants may be hesitant to accept a currency that is no longer pegged to a stable and widely accepted currency like the U.S. dollar.<\/span><\/p>\n

The depegging of USDC could also have regulatory implications, as regulators may seek to scrutinize stablecoins more closely in the wake of such a significant event.<\/span><\/p>\n

Additionally, the depegging could lead to increased competition among stablecoins as users seek out stablecoins that are more reliable and less prone to volatility.<\/span><\/p>\n

<\/p>\n

BTCUSD is up down 1.7% in the last seven days and currently trading at $22,038 on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: Shiba Inu Is The Crypto Of Choice By Top 100 Ethereum Whales \u2013 Here\u2019s Why<\/a><\/div>\n
USDC Feels The Pinch<\/strong><\/h3>\n
The crypto markets experienced a decline last week due also to the <\/span>closure of Silvergate<\/span><\/a>, while the collapse of Silicon Valley Bank also had a direct impact on the industry. <\/span><\/p>\n
On Sunday night, U.S. regulators guaranteed all depositors would be safe after the fall of Santa Clara, California-based SVB and announced emergency measures<\/a> to stem the spread of the crisis.<\/p>\n
U.S. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corp. Chairman Martin Gruenberg made the announcement in a joint statement.<\/p>\n
Despite the announcement, USDC still felt the pinch from the latest developments surrounding the crypto market.<\/p>\n
According to data provided by CoinGecko, the price of one USDC is 98 cents as of this writing. Kraken’s USDC\/USD exchange rate of 99.22 cents is the closest to its previous level of parity of any market.<\/p>\n
Futures contracts for USDC-USDT on Binance are currently trading at 98.72 cents, a fraction higher than the current spot price of 98 cents, suggesting that some investors are hopeful that the peg will be reinstated.<\/p>\n
-Featured image from Manhattan Gold & Silver<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
USDC and other cryptocurrencies were having a rough trading session Monday following an announcement from U.S. authorities outlining measures to minimize the impact of the collapse of Silicon Valley Bank. Concerns regarding Circle’s $3.3 billion in USDC reserves held at SVB, which was shuttered by the California Department of Financial Protection and Innovation on March 10, drove the price of the stablecoin down to as low as $0.87 over the weekend. Circle also has reserves at the recently collapsed Silvergate, the amount of which is undisclosed. Related Reading: Cardano Sheds 23% In Value As ADA Woes Pile Up \u2013 Here\u2019s Why Circle CEO Praises US Government For Stepping In On Sunday, Circle’s chief executive Jeremy Allaire tweeted his support for the government and Federal Reserve’s $25 billion funding initiative to help banks with liquidity issues. \u201c100% of USDC reserves are also safe and secure, and we will complete our transfer for remaining SVB cash to BNY Mellon,\u201d Allaire wrote. Update thread on USDC We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system. 100% of deposits from SVB are secure and will be available at banking open tomorrow. \u2014 Jeremy Allaire (@jerallaire) March 12, 2023 \u201cAs previously shared, liquidity operations for USDC will resume at banking open tomorrow morning,\u201d Allaire said. Meanwhile, at the time of writing, Bitcoin’s price was up from $20,334 to $22,111 in just 24 hours.\u00a0 When USDC Depegs USDC depegging from the U.S. dollar would have significant implications for the cryptocurrency market and the broader economy. In this scenario, the value of USDC would no longer be directly tied to the U.S. dollar and could fluctuate independently based on market forces. The depegging of USDC would likely lead to significant volatility in the cryptocurrency market, as traders and investors seek to adjust their positions to account for the change in value. It could also have broader implications for the use of stablecoins in commerce, as merchants may be hesitant to accept a currency that is no longer pegged to a stable and widely accepted currency like the U.S. dollar. The depegging of USDC could also have regulatory implications, as regulators may seek to scrutinize stablecoins more closely in the wake of such a significant event. Additionally, the depegging could lead to increased competition among stablecoins as users seek out stablecoins that are more reliable and less prone to volatility. BTCUSD is up down 1.7% in the last seven days and currently trading at $22,038 on the daily chart | Chart: TradingView.com Related Reading: Shiba Inu Is The Crypto Of Choice By Top 100 Ethereum Whales \u2013 Here\u2019s Why USDC Feels The Pinch The crypto markets experienced a decline last week due also to the closure of Silvergate, while the collapse of Silicon Valley Bank also had a direct impact on the industry. On Sunday night, U.S. regulators guaranteed all depositors would be safe after the fall of Santa Clara, California-based SVB and announced emergency measures to stem the spread of the crisis. U.S. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corp. Chairman Martin Gruenberg made the announcement in a joint statement. Despite the announcement, USDC still felt the pinch from the latest developments surrounding the crypto market. According to data provided by CoinGecko, the price of one USDC is 98 cents as of this writing. Kraken’s USDC\/USD exchange rate of 99.22 cents is the closest to its previous level of parity of any market. Futures contracts for USDC-USDT on Binance are currently trading at 98.72 cents, a fraction higher than the current spot price of 98 cents, suggesting that some investors are hopeful that the peg will be reinstated. -Featured image from Manhattan Gold & Silver<\/p>\n","protected":false},"author":557,"featured_media":522795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1119,10923,87970,31146,16680],"class_list":["post-522787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btc","tag-crypto-market","tag-silicon-valley-bank","tag-silvergate-bank","tag-usdc"],"acf":[],"yoast_head":"\nUSDC Feeling Pressure Despite Fed Action To Halt SVB Contagion<\/title>\n<meta name=\"description\" content=\"USDC and other cryptocurrencies were having a rough trading session 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion","url":"http:\/\/wncen.com\/news\/usdc-feeling-intense-pressure-despite-fed-action-to-halt-svb-contagion\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/usdc-feeling-intense-pressure-despite-fed-action-to-halt-svb-contagion\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-25.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-25.png?fit=730%2C382"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["btc","crypto market","silicon valley bank","silvergate bank","usdc"],"dateCreated":"2023-03-13T10:24:08Z","datePublished":"2023-03-13T10:24:08Z","dateModified":"2023-03-13T10:24:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/usdc-feeling-intense-pressure-despite-fed-action-to-halt-svb-contagion\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/usdc-feeling-intense-pressure-despite-fed-action-to-halt-svb-contagion\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-25.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/a-25.png?fit=730%2C382\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"btc\",\"crypto market\",\"silicon valley bank\",\"silvergate bank\",\"usdc\"],\"dateCreated\":\"2023-03-13T10:24:08Z\",\"datePublished\":\"2023-03-13T10:24:08Z\",\"dateModified\":\"2023-03-13T10:24:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/a-25.png?fit=730%2C382","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522787"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=522787"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/522795"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=522787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=522787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=522787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}