Stablecoin issuer Circle is calling on Congress to quickly push through regulations after the firm's USDC broke its peg to the dollar over the weekend amid uncertainty on its deposits parked at Silicon Valley Bank.
USDC experienced a notable decrease in its circulating supply during the weekend, causing ripples of concern within the cryptocurrency market. According to data
Circle launched EUROC last year as a regulated stablecoin, which means that each token is fully backed by euro reserves held at United States-regulated financial institutions.
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Over the past year, Circle’s USD Coin has seen its market share decline from 34.88% to 23.05%, while Tether’s USDT has gained ground.
USDC has struggled to recover from the negative fallout a few weeks ago after Silicon Valley Bank’s (SVB) collapse. Investors have continued to withdraw their a
Circle CEO Jeremy Allaire believes more insolvencies in 2023 as companies continue to struggle amid heightened scrutiny and contagion.
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Circle, the issuer of USDC, the second-largest stablecoin by market capitalization, is considering issuing a stablecoin in Japan, its chief told CoinDesk.
A Jan. 25 report from the Financial Times which was widely shared characterized Circle as having “blamed” the SEC for its “jettisoned” public listing plan.
Rumors swirled on Twitter that the stablecoin issuer received a litigation notice from the U.S. securities regulator, but a Circle executive rebuffed the claim.
Circle joined other customers and depositors in calling for the continuity of SVB in the U.S. economy.
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Mon,01 Apr 2024