Circle Comes To USDC’s Rescue Prompting A Recovery
Join Our Telegram channel to stay up to date on breaking news cover age Circle Internet Financial has vowed to cover any shortfall in its stablecoin, USD Coin (USDC) after the cryptocurrency lost its dollar peg over the weekend . The company held $3.3 billion of its $40 billion USDC reserve at Silicon Valley Bank before it collapsed on Friday. According to a blog post from Circle, the company will “stand behind” the stablecoin and use corporate resources, including external capital, to make up any shortfall. Circle also assured investors that USDC liquidity operations will resume as normal when banks open on Monday morning in the United States and that the stablecoin will remain “redeemable 1 for 1 with the U.S. dollar”. Circle joins calls for the continuity of this important bank in the U.S. Additionally, the company stated that it attempted to move its assets before the bank’s collapse, but it remains unclear whether it will return ...