USD Coin (USDC) is a stablecoin that is pegged to the US dollar. USDC is classified as a centralized stablecoin, backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. It is issued by Circle.
USD Coin (USDC)
USD Coin (USDC) is a stablecoin that is pegged to the US dollar. USDC is classified as a centralized stablecoin, backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. It is issued by Circle.
After the failure of three U.S. banks (with varying degrees of crypto exposure) in the space of a week last month, the sector seems to have settled back into relative calm, at least for the time being. So it would seem like the perfect opportunity for a recap.
On March 20, a vote was opened for the MakerDAO community to ‘normalize’ the parameters of the Price Stability Module (PSM). As a result, USDC remained the main reserve asset of PSM.
On March 20, a vote was opened for the MakerDAO community to ‘normalize’ the parameters of the Price Stability Module (PSM). As a result, USDC remained the main reserve asset of PSM.
After the failure of three U.S. banks (with varying degrees of crypto exposure) in the space of a week last month, the sector seems to have settled back into relative calm, at least for the time being. So it would seem like the perfect opportunity for a recap.
In a new report, Moody's analyzed the impact of the traditional banking system on stablecoins, as well as the possible tightening of regulation against the background of the recent banking crisis.
The move makes Gibraltar-based Xapo the first fully licensed bank in the world to offer USDC on-and off-ramps as a fast, free, 24/7 alternative to the expensive and slow SWIFT system used for international payments.
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 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.
