InvestAnswers

Dont Regulate Stablecoins - Decapitate Them! (Patreon)

Published:

2023-03-13 00:51:11

Imported:

2023-03

Content

First Circle USDC had 3.3bn of exposure to SVB

Second, Signature and Signet get shut down leaving USDC high and dry as far as I can see.

Third - I guess BNY Mellon will pick up the pieces? That is what Jeremy Allaire thinks but I am not so sure.

Crypto’s banking rails have been decapitated in 5 days. Could this also be a war on USDC. Seems so.

Ryan Selkis:

Files

Circle Scrambles to Right USDC After Signature Bank Failure

Circle Internet Financial's $3.3 billion cash reserves problem was seemingly solved Sunday when federal regulators promised that depositors of failed Silicon Valley Bank would be made whole in short order. But Circle's USDC stablecoin isn't out of the woods.