USDC depeged from USD after US Silicon Valley Bank collapsed. Exchanges paused their conversion as users rushed into other assets. Now the stablecoin has got back to 1:1 ration, but what’s done is done…
On March 14, the completion of the first pilot transaction using a stablecoin issued by the bank was announced on the official website of The National Australia Bank (not to be confused with the Reserve Bank of Australia).
On March 14, the completion of the first pilot transaction using a stablecoin issued by the bank was announced on the official website of The National Australia Bank (not to be confused with the Reserve Bank of Australia).
USDC depeged from USD after US Silicon Valley Bank collapsed. Exchanges paused their conversion as users rushed into other assets. Now the stablecoin has got back to 1:1 ration, but what’s done is done…
The Wall Street Journal accuses Tether of shady transactions and forgery of documents, referring to emails made available to journalists. Tether refutes the information.
The collapse of Silicon Valley Bank (SVB) affected, among others, the USDC’s reserves and this “blue-chip” stablecoin has lost its peg to the dollar. Ironically, the only decentralized unicorn stablecoin project, MakerDAO is now in trouble due to its “reinforcing” USDC-backed component.
Circle’s USDC stablecoin slipped from its dollar peg due to the collapse of tech start-up friendly Silicon Valley Bank, and not that of the far more crypto-entwined Silvergate Bank, which also announced that it was entering liquidation this week.
In collaboration with three Japanese banks, GU Technologies has initiated a proof-of-concept to develop a stablecoin-issuing system for financial institutions. The project will be deployed on the Japan Open Chain, an Ethereum-compatible public blockchain which is fully compliant with Japanese law.
