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Crypto News: Jeremy Allaire, Co-founder and CEO of Circle on Thursday, flagged off risk building around USD after the Silicon Valley Bank and other banks collapsed. This comes after Circle’s $3.3 billion of funds exposed to SVB were shifted out.
Circle CEO Warns Off Risks Ahead
Circle CEO mentioned that after analysis, they saw lots of color and perspective from the market. There seems to be large scale risk off from USD exposure to US banks, however, it also involves US regulatory risk. He added that deep market anxiety is generated around exposure to the US financial system keeping aggressive regulatory actions taken against crypto and erupting banking crisis.
At this time, the players who used to have the strongest spot with US regulations and entire banking system integration are now being considered as “un-safe”, he added. While fear is building around the assets which might be stranded in the institution. Read More Crypto News Here…
Also Read: Banks Under Pressure As Markets Brace For Hindenburg Research Another “Big Target”
Need Better Policies
Circle boss stated that the policymakers need to calculate carefully about what would happen ahead. He claimed that the market participants are shifting to platforms that have no oversight. These platforms are totally opaque and exposed to multiple risks.
Jeremy Allaire mentioned that over the past 10 years, he hasn’t seen such a situation where there is an urgent need for pragmatic policy. He speculated that there is a serious risk of seeing an entire strategic technology arena slip from the United States.
Circle’s USDC, a stablecoin is the fifth largest crypto asset with a market capitalization of $34.6 billion. Circle CEO brought up that USDC has never failed to mint or redeem USDC for $1. This remained the same at the time of crisis.
Also Read: Banks Under Pressure As Markets Brace For Hindenburg Research Another “Big Target”
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