Cointime

Cointime

Download App
iOS & Android

SVB’s Collapse Shakes the Stablecoin Market: DappRadar Report

Cointime Official

DappRadar reported that Circle, the issuer of USD Coin (USDC), suffered a significant blow due to the decline of SVB. On March 11th, USDC broke its peg to the US dollar and reached an all-time low after Circle disclosed that almost $3.3 billion, or 8% of its $40 billion reserves, were locked up at SVB.

Source: https://dappradar.com/blog/the-evolution-of-the-dapp-industry-in-response-to-americas-banking-turmoil#Chapter-2

The USDC stablecoin depeg caused panic in the crypto community and a drop in its price and supply. US regulators intervened to support affected depositors and institutions, resulting in USDC regaining its peg but still experiencing a significant drop in supply and market capitalization. Other stablecoins such as TUSD and DAI saw significant supply growth during the same period.

Source: https://dappradar.com/blog/the-evolution-of-the-dapp-industry-in-response-to-americas-banking-turmoil#Chapter-2

"The fall of SVB serves as a reminder of the potential risks involved in the crypto industry and the importance of risk management." DappRadar wrote in the report.

SVB stablecoin
Comments

All Comments

Recommended for you

  • Hong Kong's financial industry may study launching stablecoin trading desks and institutional custody services

    Hong Kong Monetary Authority recently announced the list of participants in the stablecoin issuer sandbox, including JD Coin Chain, Circle Coin Innovation, Standard Chartered Bank, Anni Group, Hong Kong Telecom and other institutions. Research reports released by Zeng Shengjun, a researcher at the Greater Bay Area Financial Research Institute of the Shenzhen Branch of Bank of China, and Guan Zhenqiu, a researcher at the Hong Kong Financial Research Institute of Bank of China, analyzed that the Hong Kong dollar stablecoin can improve the efficiency and inclusiveness of the Hong Kong financial system. Its stability, free convertibility, high security, high open source and cross-border mobility can provide support for a wider range of financial innovations.

  • Bitcoin scaling network Mezo completes $7.5 million in financing, led by Ledger Cathay Fund

    Bitcoin scaling network Mezo has completed a $7.5 million financing round, with Ledger Cathay Fund leading the investment and Mantle EcoFund ecosystem projects from ArkStream Capital, Aquarius Fund, Flowdesk, GSR, Origin Protocol, and Bybit participating. This round of financing brings its total funding to $30 million.The new funds will be used for Mezo's plan to expand the adoption of its network, including integrating more products into its network, such as its Bitcoin staking platform Acre.

  • As of July 25, BlackRock IBIT held more than 338,000 bitcoins, an increase of more than 1,092 bitcoins from the previous day.

    BlackRock's official update on the Bitcoin ETF shows that as of July 25th, the market value of IBIT has reached $21,890,121,436.41, and the position has increased to 338,128.5551 BTC, an increase of 1,092.7881 BTC from the previous trading day.

  • The U.S. core PCE price index rose 0.2% in June, compared with expectations of 0.1% and the previous value of 0.10%.

    The US core PCE price index for June was 0.2%, exceeding expectations of 0.1% and the previous value of 0.10%; the US core PCE price index for June recorded a year-on-year increase of 2.6%, higher than expected. The US core PCE price index for June recorded a monthly rate of 0.1%, unchanged from the previous month and in line with expectations.

  • LayerPixel Completes $2 Million Seed Round Led by Kenetic Capital

    LayerPixel, a DeFi solution based on TON, announced the completion of a $2 million seed round of financing, led by Kenetic Capital, with participation from Foresight Ventures, Waterdrip Capital, VentureSouq, Web3 Port Foundation, Microcosm Research, TMM Club, and dozens of angel investors. It is reported that this funding will help LayerPixel accelerate the development and integration of its DeFi solution suite in the Telegram Mini App ecosystem, fundamentally changing the way users interact with decentralized finance in the Telegram environment.

  • Grayscale GBTC holdings are approximately 271,200 BTC, and the number of ETHE shares in circulation has fallen below 300 million

    Official data from Grayscale shows that as of July 25th, Grayscale GBTC holds 271,212.2467 BTC, a decrease of 410.3257 BTC from the previous trading day, with an asset management scale (non-GAAP) of $17,542,084,056.48 and a circulation share of 306,180,100 shares; Grayscale ETHE holds 2,391,684.2607 ETH, a decrease of 97,390.7166 ETH from the previous trading day, with an asset management scale (non-GAAP) of $7,468,775,526.14 and a circulation share of 282,168,500 shares; Grayscale ETH holds 310,308.0733 ETH, an increase of 13,663.3797 ETH from the previous trading day, with an asset management scale (non-GAAP) of $969,033,154.46 and a circulation share of 329,308,500 shares.

  • US Senator Withdraws Support for Elizabeth Warren's Anti-Crypto Bill

    On July 24th local time, Republican Senator Roger Marshall withdrew his support for the "Digital Asset Anti-Money Laundering Act," which he and Democratic Senator Elizabeth Warren jointly formulated for 2022, aimed at regulating the cryptocurrency industry under existing anti-money laundering and anti-terrorism financing frameworks. Currently, according to the official congressional record on the bill, there are still 18 senators supporting the bill.

  • Web3 startups raised $3.7 billion in funding in the first half of 2024, showing signs of recovery

    According to the latest report from Crunchbase, Web3 startups raised $3.7 billion in the first half of 2024. Although this number decreased by 18% compared to the first half of 2023, it increased by 42% compared to the second half of last year. Quarterly, Web3 startups raised over $2 billion in the second quarter of 2024, slightly higher than the $1.8 billion raised in the first quarter, but down 18% from the $2.2 billion raised in the same period last year. However, after eight consecutive quarters of decline, Web3 startups have seen two consecutive quarters of funding increases. In addition, although the total amount of funding has increased, there have been few large financing rounds, with only seven rounds raising over $50 million.

  • Stablecoin minting protocol M^0 completes $35 million Series A financing, led by Bain Capital

    Stablecoin minting protocol M^0 completed a Series A financing round of $35 million, led by Bain Capital with participation from Galaxy Ventures, Wintermute Ventures, and GSR. Previously, M^0 raised $22.5 million in seed funding led by Pantera Capital in early 2023.

  • Cointime精选 ·

    Bitcoin and Stablecoins are a Threat to Weak Emerging Market Currencies

    Bitcoin is changing the world. With change comes uncertainty and, for many, anxiety. It is natural to wonder what the future will look like, and also to worry about whether this change will be for the better or the worse. We are creatures of planning, of preparation, but more than anything, of adaptation.

    Bitcoin and Stablecoins are a Threat to Weak Emerging Market Currencies

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company