The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that another bank is set to crash following the collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Kiyosaki also recently said the world economy is on the verge of collapse, warning of bank runs, frozen savings, and bail-ins. Robert Kiyosaki Predicts Another…
Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC’s collateral was held at Silicon Valley Bank. However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether (USDT) by dumping a large…
On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC, and noted that the stablecoin’s liquidity operations will resume normally on Monday morning in the United States. Circle said that the company’s teams would be ready on Monday to “handle significant volume” and that the firm will “stand behind USDC and cover any shortfall using corporate…
Top Stories This Week Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after announcing a significant sale of assets and stocks aimed at raising additional capital. The California watchdog appointed the Federal Deposit Insurance Corporation (FDIC) as the…
After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch The ripple effect of the 16th largest bank in the United States failing has…
According to insiders, 50% of uninsured deposits will be paid out by next week. Source: https://cointelegraph.com/public/index.php/news/usdc-slowly-repegs-on-unconfirmed-reports-of-svb-resolution
USDC stablecoin issuer Circle has claimed that it will “cover any shortfall” caused as a result of the $3.3 billion in its funds held by the collapsed Silicon Valley Bank. In a blog post, Circle wrote that the company is legally obliged to “stand behind” USDC and will cover any shortfall using corporate resources—and, if necessary, “external capital”—to ensure that…
USD Coin (USDC) issuer Circle plans to use “corporate resources” to cover the shortfall on its reserves following Silicon Valley Bank’s shutdown, said the company in a statement on March 11. According to Circle, USDC liquidity operations will “resume as normal when banks open on Monday morning in the United States,” enabling USDC redemption at 1:1 with the U.S. dollar.…
Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others blame the U.S. Federal Reserve’s…
Lending protocol Aave has frozen stablecoins trading and set Loan-to-Value (LTV) ratio to zero in response to recent price volatility on stablecoins after the USD Coin (USDC) depegged on March 11. According to the Aave’s governance forum, the trading freeze follows an analysis from DeFi’s risk manager company Gauntlet, recommending that all V2 and V3 markets should be temporarily paused.…
