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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.
13 Mar 2023 3 minute read 0 comments Writernevermisses $0.14
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 $0.56
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 $0.59
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 $0.63
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...
12 Mar 2023 1 minute read 1 comment Bfab $0.84
USDC depegged to 0.9 yesterday due to the collapse of its counterparty Silicon Valley Bank, which holds 7.7% of USDC reserves. While Circle (USDC creator) tries to reassure USDC owners on the redeem of USDC at 1:1 against USD from tomorrow at the ope...
12 Mar 2023 1 minute read 0 comments Coinseek $0.16
USDC issuer, Circle, has issued a statement updating investors on its cash reserves, which are currently stuck with Silicon Valley Bank (SVB). This follows the recent collapse of SVB, which has left the fate of USDC’s funds in question. Possible sho...
12 Mar 2023 1 minute read 19 comments Yugocean $0.96
The value of multiple stablecoins—DAI, USDC, USDD, and FRAX—unexpectedly dropped below 95 cents together; despite some regains, their value is still not pegged. Describe DAI USDC USDD & FRAX DAI, USDC, USDD, and FRAX are all US dollar-pegged stabl...
12 Mar 2023 2 minute read 1 comment ROcrypton $0.05
USDC loses parity with the dollar due to excessive liquidity Yeah, it's not easy for anyone, at least for those with large positions in USDC, at the time of this post I should have already exchanged for BTC or ETH or TETHER, but remember right awa...
11 Mar 2023 5 minute read 0 comments Dave Sawyer $0.56
Cryptonauts, we love you!! Been a scary week, but the Watch Army rolls on baby!! Reading music for today's foray into tradfi wonderlandTLDR: that's right, put a little love in your heart, baby!! We are gonna NEED it!!! Crypto that won't say crypto...
11 Mar 2023 2 minute read 1 comment busyjordy $0.40
USDC coin today lost its peg to the dollar amidst rumours of insolvency following the collapse of another bank - this time it's the Silicon Valley Bank, which had ties to crypto. It's the second crypto-centric bank to go bust this week and this time,...
