8 / 12 Relevant items tagged with #USDC

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Redemptions Plague Stablecoin Economy, Wiping Out Over $2 Billion in June

[Jul 2, 2023 3:30 PM] The market capitalization of the stablecoin economy on July 2, 2023, has fallen below the $129 billion mark to the current $128.21 billion, according to statistics. Just over $2 billion in stablecoins have been withdrawn from the stablecoin token…

Circle Was Top Depositor Aided by SVB Government Rescue: Bloomberg

[Jun 23, 2023 8:19 AM] The FDIC guarantee included over $3.3 billion the USDC stablecoin issuer held at the lender.

Exploring Crypto Whale Concentration: Unveiling the Rich Lists of the Top 10 Cryptocurrencies

[Jun 22, 2023 12:00 PM] In the past ten years, a myriad of digital currencies have emerged alongside bitcoin, forming a cryptocurrency ecosystem now worth $1.2 trillion. Within this realm, enigmatic figures known as crypto whales have played a pivotal role in the…

Circle Restarts U.S. Treasury Purchases in BlackRock-Managed USDC Reserve Fund

[Jun 21, 2023 12:12 PM] Repurchase agreements will keep being part of the reserve fund, Circle’s chief financial officer said Wednesday during a company call.

TUSD Supply Skyrockets With 1 Billion Injection Amidst Decline in Stablecoins

[Jun 19, 2023 9:30 PM] Despite the decline in stablecoins due to substantial redemptions, particularly from projects like USDC, DAI, and BUSD, the project TUSD has experienced a notable surge in its supply. TUSD has added more than a billion dollars’ worth of…

DAI Emerges as Third-Largest Stablecoin, Overtaking BUSD in Market Capitalization

[Jun 16, 2023 4:30 PM] Makerdao’s DAI stablecoin is now the third-largest stablecoin by market capitalization, surpassing Binance USD (BUSD), which has officially declined to $4.304 billion. DAI’s market valuation on Friday, June 16, 2023, is approximately…

Stablecoin Market Records $2.4B in Redemptions in 30 Days as Leading Tokens Experience Supply Decline

[Jun 15, 2023 8:00 AM] According to statistics, over the span of 30 days, from May 15 to June 15, 2022, more than 2.4 billion stablecoins were redeemed. During this period, three of the leading stablecoins experienced a decline in their supplies ranging from 4% to 19%…

Stablecoin Market Cap Decreases, But Whales Remain Unfazed: Santiment

[Jun 8, 2023 1:00 PM] According to data from leading crypto analytics firm Santiment, a distinct trend has unfolded in the stablecoin sphere. Even as stablecoins designed to maintain parity with a reserve asset like the US dollar, continue to hold their $1 peg, the…

Circle Rolls Out Support for USDC Stablecoin on Arbitrum

[Jun 8, 2023 9:34 AM] Several key applications will support Arbitrum-based USDC like Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap.

Turbos Finance Introduces Smart Routing for Stablecoins on Sui

[Jun 6, 2023 6:00 AM] The new feature aims to reduce friction for users coming from other ecosystems to Sui and improve liquidity.

New Stablecoin Issuer Raft Is Eschewing Fiat for Its Financial Backing

[Jun 5, 2023 8:00 AM] Its R stablecoin is collateralized by one crypto asset: liquid staking leader Lido’s staked ether (stETH).

USDC Goes L2: Circle’s Stablecoin to Make Its Native Debut on Arbitrum

[Jun 2, 2023 5:30 AM] Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle’s disclosure of its euro-pegged…

USDC Issuer Circle Has Ditched All U.S. Treasuries From $24B Reserve Fund Amid Debt Ceiling Showdown

[May 31, 2023 12:40 PM] tk

Stablecoin Economy Reaches 20-Month Low as BUSD Redemptions Surpass 10 Billion Tokens in 3 Months

[May 31, 2023 8:30 AM] Three months have passed since Paxos made the decision to cease the production of new BUSD tokens, complying with the directive issued by the New York Department of Financial Services (NYDFS). Since February 13, 2023, 10.62 billion BUSD tokens have…

The End of Tether? Why A Structural Shift In The Market Spells Trouble For USDT

[May 29, 2023 2:30 PM] Tether (USDT) is the largest stablecoin in the market, with a market capitalization of over $86 billion as of May 2023. Despite the concerns about the current state of the cryptocurrency market, Tether has continued to dominate the stablecoin…

Burning Metrics: Ethereum Burns 3.33 Million Ether Valued at $6.1 Billion in 21 Months

[May 28, 2023 12:00 PM] In the past 21 months following Ethereum’s London hard fork, the network has witnessed the destruction of over 3.33 million ether, valued at $6.1 billion. At present, roughly 3.51 ether is burned every single minute. Standing out as a…

Stablecoin Economy Shrinks by $7.3 Billion in 2023, USDC and BUSD Record Mass Redemptions 

[May 21, 2023 9:30 AM] From the beginning of this year, the crypto economy has surged by 41.77%, reaching a current market capitalization of $1.17 trillion. However, amidst this growth, the stablecoin economy experienced a substantial loss of $7.3 billion within a span…

Crypto Market Recovery Unlikely Until Stablecoin Universe Stops Shrinking: JPMorgan

[May 19, 2023 4:50 AM] Tether’s market cap has been growing at the expense of rival stablecoins such as USD Coin, the report said.

U.S. Hearing Highlights Stablecoin Rift in Competing House Bills

[May 18, 2023 10:45 AM] U.S. lawmakers aren’t yet able to reach across the chasm between Republicans and Democrats’ very different ideas for how to oversee stablecoins, despite notes of hope from both sides evident in a Thursday hearing of the House Financial Services…

There's a growing case for allowing crypto firms to bypass banks

[May 17, 2023 9:03 PM] Making the European Central Bank accessible to payment companies other than traditional banks would allow users to redeem their stablecoins directly for cash.

Australia marks first FX transaction using a CBDC as eAUD pilot continues

[May 17, 2023 8:00 PM] The Australian digital dollar was used in a trade for a U.S. dollar stablecoin using an Ethereum layer 2 blockchain.

USDC Issuer Circle Moves $8.7B to Repo Agreements to Protect Reserves From U.S. Government Default

[May 17, 2023 1:52 PM] Circle’s reserve fund has ditched Treasury bills that mature beyond May 31, rotating assets to cash and overnight repurchase agreements instead, a company spokesperson said.

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions 

[May 13, 2023 12:00 PM] Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of…

The US should promote USDC — before it's too late

[May 12, 2023 12:03 PM] USDC brings stability to cryptocurrency. It would behoove the financial system if policymakers took measures to foster its adoption.

Circle reportedly adjusts USDC reserves to avoid US default risk

[May 10, 2023 11:35 PM] The world’s second-largest stablecoin issuer wants to reduce its exposure to potential US debt defaults.

Tether has $1.5B in Bitcoin reserves: BDO Italia

[May 10, 2023 2:30 PM] The financial advisory and accounting firm also revealed that Tether held roughly $3.4 billion worth of precious metals.

Coinbase Launches International Exchange for Bitcoin and Ether Perpetual Futures

[May 2, 2023 3:30 PM] Coinbase, the San Francisco-based cryptocurrency exchange, recently announced the launch of a new service called Coinbase International Exchange. The new platform will enable institutional users outside of the United States to trade bitcoin and…

Avalanche Remains Under Pressure Despite Circle’s CCTP Effort

[Apr 27, 2023 12:00 PM] The native currency of Avalanche, AVAX, remains under pressure despite Circle’s effort to launch a facility that will enable the direct transfer of USDC between Ethereum and Avalanche blockchains.  Avalanche (AVAX) Is Down 18% From April 2023…

NY Fed Policy Change Could Squash Stablecoin Issuer Circle’s Hope for Fed Access

[Apr 25, 2023 6:10 PM] Funds structured as stablecoin issuer Circle’s Blackrock-managed USDC reserve fund “generally will be deemed ineligible” for the New York Federal Reserve’s reverse repurchase program under the new rules.

Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31

[Apr 25, 2023 10:00 AM] While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the…