Coinbase offered $3B backstop to Circle in bid to stabilize USDC

03/21 02:54

According to Fortune, details keep emerging about the chaotic weekend that followed the collapse of Silicon Valley Bank—including a plan by Coinbase to ride to the rescue of Circle after the USDC stablecoin broke its peg with the dollar following news that $3.3 billion of Circle's deposits were stranded at the failed bank. The person privy to the arrangement said that Coinbase offered an immediate line of credit to Circle that would have guaranteed full liquidity for USDC reserves, and ensured the stablecoin could be converted to U.S. dollars on the Monday morning following Silicon Valley Bank's collapse. The companies were on the verge of announcing the credit facility but, the same Sunday, banking regulators lifted the FDIC and dispelled the sense of crisis. Circle declined to comment on these events but does not deny them.
bullishbullishbullishBullishbearishbearishbearishBearishSukaBagikan
PenafianKonten diatas tidak merepresentasikan posisi HTX.HTX tidak memberikan rekomendasi perdagangan apa pun.

Artikel Terkait

  • Image

    $500 mln USDC added to Solana: What it means for liquidity

  • Image

    All about first-ever stablecoin insurance premium – USDC, PYUSD & what’s next!

  • Image

    XDC launches real-world USDC spending as stablecoins cross $307B

Semua Komentar0TerkiniHangat

avatar
TerkiniHangat

Artikel Terkait

  • Image

    $500 mln USDC added to Solana: What it means for liquidity

  • Image

    All about first-ever stablecoin insurance premium – USDC, PYUSD & what’s next!

  • Image

    XDC launches real-world USDC spending as stablecoins cross $307B