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.
The trading freeze follows an analysis from DeFi’s risk manager firm Gauntlet Network considering different scenarios for the USD Coin price.
According to insiders, 50% of uninsured deposits will be paid out by next week.
Cosmos governance has approved the v9-Lambda upgrade, including interchain security and possibly kicking off a “virtuous real yield cycle.”
The USD Coin depeg led the DeFi protocol to experience a record-breaking daily trading volume as crypto whales fight for assets.
It is unclear how much assets custodied on behalf of crypto VCs are stuck in Silicon Valley Bank.
Bank run on Silicon Valley Bank, USDC depegged from U.S. dollar and FTX’s bankruptcy expenses hit $34 million in January.
SEC Commissioners Mark Uyeda and Hester Peirce have issued a joint statement highlighting discrepancies they see in the application of standards to applicants for ETPs.
The majority of the DeFi tokens in the top 100 traded in the red on the weekly charts due to a downturn in the broader financial market.
Circle’s reserves are held in a number of banks in the United States, including Silvergate, Silicon Valley Bank and Bank of New York Mellon.