USDC All eyes are on the world’s largest stablecoin after it was discovered that $3.3 billion from its distributor company Circle’s reserves was stuck in the bankrupt US bank Silicon Valley Bank. to Tether (USDT) translated.
Tether’s senior manager, Paolo Ardoino, explained in his statement that the company has no exposure to Silicon Valley Bank.
Cryptocurrency The fall of USDC, one of the biggest events in the world recently, brought the price of the token down to $ 0.87. However, USDT is trading at 1 dollar as it should be at the time of this writing.
“Following USDC Turns To Tether”
However, Tether CTO Ardoino claimed in his statement that users escaped USDC and DAI tokens and switched to USDT.
The USD Coin (USDC) is an important part of the crypto markets and must have a stable value of $1 backed entirely by cash reserves and short-term Treasury bonds. However, $3.3 billion of this nearly $40 billion stock is in Silicon Valley Bank, which has become one of the largest US bank failures in recent history.
Regulators seized this bank on Friday, and investors expect greater clarity on the return of deposits.
As the USDC decline worsens, US-based crypto exchange Coinbase said it will “temporarily suspend” converting USDC to US dollars over the weekend and resume when banks open on Monday.
The crypto industry has already been hit by a prolonged slump that has dragged down the value of digital assets by $2 trillion since November 2021.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!