Mar 13, 2023
USDC Reaches $1 Peg After CEO Confirms Reserve Safety
Cryptocurrency markets have been in a state of flux recently, with the total market capitalization of all digital assets dropping to a low of $961 billion on March 11th. This was followed by a significant pump across the board, with the total crypto market cap now above $1 trillion.
One of the major drivers of this surge has been the stability of Circle’s USD Coin (USDC) stablecoin, which had dropped to as low as $0.87 over the weekend. This was due to concerns about $3.3 billion worth of USDC reserves being held at Silicon Valley Bank (SVB), which was shut down by the California Department of Financial Protection and Innovation on Mar. 10.
However, CEO Jeremy Allaire has since confirmed that all USDC reserves are safe and secure, and that liquidity operations for USDC will resume at banking open tomorrow morning. This news, combined with the US government and Federal Reserve’s $25 billion funding program to support liquidity-troubled banks, has been followed by a surge in USDC’s price, which is now up 3.3% over the past 24 hours to sit at $0.99 at the time of writing.
The closure of SVB, Silvergate and Signature Bank has left a void in the crypto-friendly banking sector in the US. Coinbase has announced that all client funds remain safe and accessible, including USDC conversions which will resume on Monday.
Circle is now bringing on a new transaction banking partner with automated minting and redemption potentially as soon as tomorrow. This will allow Circle to process USDC minting and redemption, and will provide a much needed on-and-off ramp for crypto users.
The news of Circle’s new banking partner, combined with the surge in asset prices, has made the NFT marketing space an exciting place to be. NFTs are now being used to promote crypto projects, with Twitter NFT marketing becoming increasingly popular. NFT marketing agencies are now popping up to help projects promote their NFTs and sell them to the public.
Web3 agencies are also emerging to help projects navigate the complex web3 space. These agencies offer a range of services, from developing projects on the blockchain to helping them launch and market their NFTs.
The crypto space is rapidly evolving, and with the emergence of NFTs, stablecoins and web3 agencies, it is now easier than ever to invest and trade in digital assets.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
