Stablecoin dominance slides as market cap falls to near 2-year lows: CCData

After 16 consecutive months of decline, the stablecoin market dominance has fallen to 10.3% of the total crypto market capitalization.

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Depegging of USDC and DAI Saves Borrowers $100 Million

The depegging of USD Coin (USDC) and Dai (DAI) from the US dollar resulted in more than $2 billion in loan repayments on decentralized lending protocols Aave and Compound, with borrowers saving a total of over $100 million. USDC and DAI started heading back toward their peg, and repayment activity tapered off in the following days. (Read More)

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Overnight collapse of two traditional banks triggers chaos

The collapse of Silicon Valley Bank and Signature Bank caused major chaos, resulting in stablecoins depegging from the U.S. dollar. The federal government has taken action to protect depositors, and President Joe Biden has vowed to hold those responsible accountable. (Read More)

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Bitcoin futures premium falls to lowest level in a year, triggering traders’ alerts

The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date. On March 12, U.S. Treasury Secretary Janet Yellen, Federal Reserve [...]

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Stablecoin Trading Dominates Monday’s Crypto Market, Tether and BUSD Sell at Premiums

On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and [...]

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USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement

The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. [...]

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How and why do stablecoins depeg?

Stablecoins are a type of cryptocurrency designed to have a stable value relative to a specific asset or a basket of assets, typically a fiat currency such as the U.S. dollar, euro or Japanese yen. Stablecoins are designed to offer a “stable” store of value and medium of exchange compared with more traditional cryptocurrencies like [...]

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USDC Stablecoin Depegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity

On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) [...]

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Circle stablecoin USDC depegs to under $0.90 | Invezz

USD Coin (USDC/USD) has fallen below $0.90, sharply depegging after Circle confirmed exposure to Silicon Valley Bank.   The cryptocurrency news this Saturday also sees major cryptocurrencies, including Bitcoin and Ethereum struggle with selloff pressure near $20,000 and $1,400 respectively. USDC falls under $0.90 Simply, the stablecoin is falling because Silicon Valley Bank, one of ...

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<p>The post Circle stablecoin USDC depegs to under $0.90 | Invezz first appeared on CCNC.</p>

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Huobi explains what went wrong with HUSD after stablecoin is back on track

The HUSD team explained that the depeg was caused as they closed market maker accounts in some regions to comply with regulations.

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MakerDAO Intends to Depeg DAI from USDC

Announcing through Discord, MakerDAO’s founder Rune Christensen revealed that the DeFi protocol might consider de-pegging its native token DAI from stablecoin USD Coin (USDC). (Read More)

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Everything You Need To Know About The UST Depegging

This is a post-mortem of the Terra/UST depegging. Learn everything you need to know about the situation here.  Covered: Background Luna And UST Relationship UST Depegging Aftermath/Concerns BACKGROUND The crypto market has faced an unprecedented crash, due to which the prices of popular cryptocurrencies such as Bitcoin, Ethereum, and many others went down sharply after […]

The post Everything You Need To Know About The UST Depegging appeared first on CryptosRus.

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Justin Sun Responds To Whether He Caused UST Depeg

Justin Sun, the controversial man behind Tron, was surprisingly not-cagey when pressed whether he was responsible for the UST depeg.  Covered: Justin Sun UST Depeg Rumors Sun’s Controversial Past Justin Sun UST Depeg Rumors In an interview, Tron founder Justin Sun was asked point blank whether he was responsible for the UST depeg that has […]

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Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation

During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape [...]

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Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash

The collapse of Silicon Valley Bank (SVB) saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs). Outflows from centralized exchanges often spike when the markets are in turmoil, explained blockchain analysis firm Chainalysis in a March 16 blog post, as users are [...]

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Tether’s CTO Paolo Ardoino Addresses USDT Depeg Concerns

Tether's USDT stablecoin slips below dollar peg, CTO reaffirms readiness and offers redemption to holders.

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Circle CEO ‘able to access’ $3.3B of USDC’s reserves at Silicon Valley Bank

Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank (SVB). Speaking with Bloomberg Markets on March 14, Allaire said that he believed that “if not everything, very close to everything was [...]

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Can liquid staking tokens depeg due to market volatility?

Some top LSTs have previously seen price deviations of up to 77% from Ethers price due to mass sell-offs paired with liquidations on leveraged lending protocols.

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Usual Protocol to activate revenue switch after USD0++ depegs

Usual Protocol has introduced a revenue-sharing model to stabilize its ecosystem following USD0++ depegging from $1.

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‘Over-Collateralization Can Help Mitigate the Risk of Stablecoin Depegging’ — Pendulum CTO

Despite being touted as a game-changing innovation, the decentralized finance (defi) ecosystem is still not connected to fiat rails largely because of regulatory and compliance issues, Torsten Stuber, the CTO at Pendulum says. According to Stuber, the defi ecosystem will succeed in getting more traditional financial institutions on board once “a substantial amount of liquidity [...]

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