Buy $GGsBreaking: Circle Accessed USDC Reserves In SVB Account, CEO Confirms
Circle USDC News: In the wake of the devastating effect the failure of Silicon Valley Bank and Signature Bank had on the US markets, Circle CEO Jeremy Allaire gave the latest update on the state of affairs. The crypto market went bullish this week as the SVB related contagion spread through the US financial sector. Amid the high volatility, several bank stocks were even halted for trading. Meanwhile, Bitcoin price is at its three month high whereas the USD Coin (USDC) is almost back to the $1 peg value.
Also Read: Bitcoin Jumps 17% Breaks $26K As US CPI Inflation Cools To 6%
After news broke about the shutting down of Silicon Valley Bank, several stablecoins lost value thanks to mass selloff. This was triggered after Circle issued a statement saying it had a $3.30 billion exposure to the Silicon Valley Bank. But a recovery plan that involved pulling in corporate funds to fulfil SVB related shortfall led to USDC getting back to almost $1 in value.
Circle USDC Confirms Having Access To SVB Funds
In a latest, Circle CEO Jeremy Allaire said his company was on Monday able to access its reserve assets in the Silicon Valley Bank account. Although he did not mention how much of the assets the company was able to have access to, Allaire said the company would soon issue an update on this.
“We were able to access deposits at failed lender SVB as of Monday. We will publish an update on it soon.”
He also said that amid all the FUD around US banks currently, he believes USDC is the safest digital dollar on the internet. Meanwhile, the Bitcoin price surpassed the $26,000 milestone in the wake of the latest consumer price index (CPI) numbers cooling down to 6%.
Also Read: Coinbase Challenges US SEC “Regulation By Enforcement” As Crypto Recovers
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- US-Iran War: Reports Confirm Bombings In UAE, Bahrain and Kuwait As Crypto Market Makes Recovery
- XRP Price Dips on US-Iran Conflict, But Capitulation Signals March Rebound
- Crypto Market at Risk as U.S.–Iran War Threatens Inflation With Oil Price Surge
- Polymarket U.S.–Iran Strike Bets Fuel Insider Trading Speculation as Crypto Traders Net $1.2M
- Cardano’s DeFi TVL Climbs as USDCx Stablecoin Launches on Network
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
- Top 2 Price Predictions Ethereum and Solana Ahead of March 1 Clarity Act Stablecoin Deadline
- Pi Network Price Prediction Ahead of Protocol Upgrades Deadline on March 1
- XRP Price Outlook As Jane Street Lawsuit Sparks Shift in Morning Sell-Off Trend
- Dogecoin, Cardano, and Chainlink Price Prediction As Crypto Market Rebounds
