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USD Coin (USDC) is a stablecoin released by popular exchange Coinbase in collaboration with payments company Circle in 2018. Backed by the US Dollar on a 1:1 ratio, the token is an ERC-20 token that can be purchased on Coinbase’s platform. Coinbase has said that it chose the Ethereum protocol because of its smart contract capabilities and strong developer support.
Like other stablecoins, it is intended to help traders overcome the volatility of the market. Coinbase has said that it is part of its mission is to “build an open financial system for the world”, and it does indeed allow anyone from across the world to purchase the stablecoin and use it for trading and various services.
Stablecoins often receive scrutiny relating to whether or not the issuing entity has enough reserves to back every token up, but Coinbase assures users that the holding accounts are closely monitored and audited. USD Coin is an example of a fiat-backed stablecoin, which is often what receives the greatest scrutiny.
Having one very specific purpose, there is not much in the way of development news for USD Coin. Coinbase is however working on making it more widely available, including on more exchanges and services.
14 Mar 2023 4 minute read 0 comments ☑️0🆇D̺͈͙͕̿ͧ̑ͣ🅰🆅🅸🅳eͤ
Between Friday and Saturday you will have experienced the moments of terror as the USDC stablecoin depegged to $0.88. The bad days of Ust immediately came to mind. Basically some USDC collateral (3.3B fiat) stuck on (failed) Silicon Valley Bank. Silv...
14 Mar 2023 1 minute read 0 comments KuCoin Blog
After starting the week on a somewhat cautious note, the sentiment in the crypto market has bounced back as the SVB crisis eases somewhat. A joint statement issued by the FDIC and the US Federal Reserve assured that all depositors’ assets in the Sili...
14 Mar 2023 3 minute read 2 comments Dave Sawyer
Cryptonauts we love you!! And the awesome pub0x where we gather, & crypto funnies!! Thanks for another (rare) $1+ article yesterday!! Yet for some reason, we love whinging about the biased crypto coverage in the tradfi Pravda, the pink lady!! Today...
13 Mar 2023 2 minute read 0 comments Cje95
Okay if you had bank runs on your bingo card for the year congrats to you because that was not something that I saw coming. That being said here we are and more importantly how is the industry going to handle this turn of events? Looking through Sili...
13 Mar 2023 1 minute read 3 comments Kovichni
How on earth did we go from this: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" To this: Let me specify for our newcomer friends: In 2009 "Satoshi" released the Bitcoin Genisis block (block 0) and embedded the message "Chan...
13 Mar 2023 3 minute read 5 comments Allen Taylor
Today, everyone is talking about the Silicon Valley Bank (SVB) collapse. What happened and why is it significant? It turns out the bank was heavily invested in government bonds. When interest rates rose, bond values fell. Unfortunately, SVB didn’t ha...
13 Mar 2023 3 minute read 0 comments Writernevermisses
One of the oldest tricks to cause a bank failure miserably is bank run. This is exactly what Silicon Valley Bank and Signature Bank had encountered. First of all, Silicon Valley Bank, aka SVB, was a well-known tech bank favored by tech sector startup...
13 Mar 2023 1 minute read 1 comment Bfab
USDC depegged to 0.9 this weekend due to the collapse of its counterparty Silicon Valley Bank, which holds 7.7% of USDC reserves. Although Circle (USDC creator) managed to reassure USDC owners and USDC is almost back to its peg, it can be worthwhile...
12 Mar 2023 6 minute read 3 comments Messin' With Cryptos
Hey folks, unless you’ve been living under a rock somewhere, I’m sure like like I was, you were alarmed to see the price of $USDC look like this: Since waking up to the media storm of of Silicon Valley Bank’s (SVB) collapse last week and Circle’s $3...
12 Mar 2023 1 minute read 2 comments RocketEnthusiast
What it is, P0x'ers! Another week gone by, another ripple from the FTX collapse has risen. This time USDC has come unpegged, and it's not looking too good as of this writing. It's such a fluid situation that unless you follow it in real time, you wil...
