Tag: stablecoin

Crypto Shaken as Silicon Valley Bank Risk Depegs 2nd-Largest Stablecoin
12Mar By adminNo Comments
Technology

Crypto Shaken as Silicon Valley Bank Risk Depegs 2nd-Largest Stablecoin

[ad_1]  The fallout from the failure of Silicon Valley Bank reached further into crypto, unhinging a key cog in the market that's meant to be among the safest digital assets in the space.The second-largest stablecoin, USD Coin traded as low as 81.5 cents as investors digested the exposure of its issuer Circle Internet Financial Ltd. to Silicon Valley Bank, which had just collapsed in one of the largest failures in US banking history. Late Friday, after hours of silence, Circle disclosed that $3.3 billion of its roughly $40 billion stockpile of reserves was held with the failed bank. On Saturday afternoon, Chief Executive Officer Jeremy Allaire provided additional detail on Circle's exposure to the bank, saying in a statement on the company's blog and in tweets that USDC was “100% colla...
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Bitcoin Sinks to Two-Week Low as Silvergate Fallout Hurts Crypto
5Mar By adminNo Comments
Technology

Bitcoin Sinks to Two-Week Low as Silvergate Fallout Hurts Crypto

[ad_1] Bitcoin dropped to the lowest level in about two weeks, part of a wider retreat in crypto markets as investors digested the unraveling of a key industry payments network. The largest token by market value sank as much as 6% before paring some of the slide to trade 4.9% lower at $22,323 as of 1:44 p.m. Friday in New York. Smaller coins such as Ether, Avalanche and the meme token Dogecoin also suffered declines. The digital-asset industry is absorbing the fallout of the troubles at crypto-friendly US bank Silvergate Capital Corp., which has said that it's reviewing whether it can remain viable. The bank offers a widely used payments network that facilitates the real-time transfer of funds between crypto firms. But many digital-asset exchanges, stablecoin issuers and trading d...
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PayPal pauses stablecoin work amid regulatory scrutiny of crypto – Bloomberg News
13Feb By adminNo Comments
Technology

PayPal pauses stablecoin work amid regulatory scrutiny of crypto – Bloomberg News

[ad_1] PayPal Holdings Inc is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday. PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. "We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement. The cryptocurrency market is going through a turbulent period as the collapse of some of its biggest players, including FTX, has shaken the faith of investors in what...
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Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX
14Nov By adminNo Comments
Technology

Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX

[ad_1] Crypto hedge fund Galois Capital confirmed that it had up to $45 mn in exposure to the now collapsed FTX cryptocurrency exchange. Crypto hedge fund Galois Capital, known as an early critic of the now failed Terra blockchain and its TerraUSD algorithmic stablecoin, confirmed that it had up to $45 million in exposure to the now collapsed FTX cryptocurrency exchange.The firm told Bloomberg News in a Twitter direct message that its exposure was in the range of $40 million to $45 million, after it said on Twitter on Friday that it had “significant” funds stuck on FTX.  Galois co-founder Kevin Zhou gained notoriety earlier this year when he warned about Terra and profited from shorting the now collapsed Luna token. The meltdown of Luna and TerraUSD ecosystem led to a sector contagion...
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