Mar 13, 2023

Stablecoins Plunge as Banks Fail, Binance Moves $1B to Crypto

The crypto space is in a state of flux following the bankruptcy of three major crypto-backing banks, Silvergate Bank, Signature Bank, and Silicon Valley Bank (SVB). The news has caused a domino effect across the entire crypto space, with the USDC stablecoin falling to as low as $0.87 from its $1 benchmark.

In response to the news, Binance CEO and co-founder Changpeng (CZ) Zhao announced that the remaining $1 billion funds in its Industry Recovery Initiative will be converted into native crypto, including Bitcoin (BTC), Binance Coin (BNB) and Ethereum (ETH). He posted links to the transaction hash ID for the BTC and the ETC, noting that $980 million took 15 seconds to move with a $1.98 transaction fee.

The crypto community on Twitter had mixed responses to the move. Some praised the decision, while others questioned the move to sell BUSD and convert it into more volatile assets.

The instability surrounding USDC has had a domino effect on other stablecoins such as DAI, USDD and FRAX, which have also slipped away from their $1 position. This has left users in the Twitter community questioning if there is “nobody left to bank crypto companies.”

Circle, the company behind USDC, disclosed that it has around $3.3 billion tied up at the failing SVB. However, by March 13, USDC had bounced back towards its $1 peg, to where it currently hovers around $0.99.

The situation has left the crypto community looking for more stable solutions for their digital assets. One potential solution is the use of NFTs (non-fungible tokens) to promote, market and sell digital assets. NFTs are digital tokens that are unique and can represent digital assets such as artwork, music, digital collectibles, and more.

NFTs have become a popular way for crypto companies to promote and market their digital assets. NFT marketing agencies are popping up all over the web3 space to help companies create and launch their own NFTs. Twitter NFT marketing is also becoming increasingly popular, with many companies using Twitter to promote their NFTs.

The instability of the crypto space has left many companies looking for more stable solutions, and NFTs offer a viable option. With the right NFT marketing agency, companies can create and launch their own NFTs to promote, market and sell their digital assets. This could be a great way for companies to not only promote their digital assets, but also to make money by selling their NFTs.

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