Latest News on CIRCLE

News

Heath Tarbert Joins Circle as Chief Legal Officer and Head of Corporate Affairs

Circle Internet Financial has appointed Heath Tarbert as its new chief legal officer and head of corporate affairs, effective from July 1, 2023.

Rebeca Moen

Jun 09, 2023

| 2 Min Read

#JEREMY ALLAIRE #CIRCLE #HEATH TARBERT #CFTC #USDC #STABLECOIN

News

NY Fed New Rules Cast Uncertainty on Circle's Access to Reverse-Repurchase Program

The New York Federal Reserve has updated its rules for reverse repurchase agreements (RRP), potentially hindering Circle's access to the Fed's reverse-repurchase program. The Circle Reserve Fund is a money market fund only available to Circle and could be deemed ineligible under the Fed's updated guidelines.

Luisa Crawford

Apr 27, 2023

| 0 Min Read

#NY FED #CIRCLE #REVERSE-REPURCHASE PROGRAM #STABLECOIN #MONEY MARKET FUND

News

Circle Launches Cross-Chain Transfer Protocol for USDC

Circle has released a mainnet protocol allowing users to transfer USDC between Ethereum and Avalanche. The Cross-Chain Transfer Protocol (CCTP) eliminates the need for USDC bridges and aims to reduce fragmentation in the Web3 ecosystem.

Luisa Crawford

Apr 27, 2023

| 0 Min Read

#CIRCLE #US DOLLAR COIN #USDC #ETHEREUM #AVALANCHE

News

US Draft Bill Proposes Framework for Stablecoins

A new draft bill has been published in the United States proposing a regulatory framework for stablecoins. The bill would put the Federal Reserve in charge of non-bank stablecoin issuers, such as Tether and Circle. Insured depository institutions seeking to issue stablecoins would fall under federal banking agency supervision. The bill also includes a ban on issuing stablecoins not backed by tangible assets and proposes a study on "endogenously collateralized stablecoins."

Jessie A Ellis

Apr 17, 2023

| 0 Min Read

#STABLECOINS #FEDERAL RESERVE #TETHER #CIRCLE #USDT #USDC #REGULATION

News

Banking crisis could push cryptocurrency regulation into gray area

Circle CEO Jeremy Allaire believes that the ongoing global banking crisis could lead to more uncertainty and gray area in the regulation of cryptocurrencies due to market anxiety over exposure to the US financial system and the risk of a large-scale banking system failure.

Terrill Dicki

Mar 24, 2023

| 0 Min Read

#CRYPTOCURRENCY #REGULATION #BANKING CRISIS #USDC #CIRCLE

News

Circle's Stablecoin USDC Affected by Collapsed Bank

Circle's USDC stablecoin briefly de-pegged after news that $3.3 billion of its cash reserves were stuck with collapsed bank Silicon Valley Bank. USDC's dollar peg has since recovered, but mass redemptions have led to a drop in the stablecoin's market cap by nearly 10% since March 11.

Terrill Dicki

Mar 16, 2023

| 0 Min Read

#CIRCLE #STABLECOIN #USDC #SILICON VALLEY BANK #FUNDS #MARKET CAP

News

Circle Partners with Cross River Bank for USDC Production and Redemption

Circle has partnered with Cross River Bank for USDC production and redemption, as well as expanded relationships with other banking partners like BNY Mellon. The USDC stablecoin recently experienced a peg-breaking incident but has since recovered.

Luisa Crawford

Mar 14, 2023

| 0 Min Read

#CIRCLE #CROSS RIVER BANK #USDC #BANKING PARTNERS #BNY MELLON #STABLECOIN

News

Circle Plans to Cover USDC Shortfall After SVB Shutdown

Circle, the issuer of the stablecoin USD Coin (USDC), has announced that it will use corporate resources to cover the shortfall on its reserves after Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation. USDC liquidity operations will resume as normal when banks open on Monday, enabling redemption at 1:1 with the US dollar. The stablecoin lost its $1 peg on March 11, trading as low as $0.87, due to the disclosure of $3.3 billion of Circle's reserve held at SVB.

Luisa Crawford

Mar 13, 2023

| 0 Min Read

#USDC #CIRCLE #SILICON VALLEY BANK #STABLECOIN #LIQUIDITY

News

Circle's USDC Reserve Exposure and Potential Risks

Circle's latest audit report reveals that the company's exposure to the US banking system stands at nearly $9 billion, with its reserves held by a number of regulated financial institutions, including SVB, BNY Mellon, and Silvergate. However, recent events such as the shutdown of SVB and Silvergate's decision to shut down its crypto bank arm have raised concerns about potential risks for Circle and its stablecoin USDC.

Rebeca Moen

Mar 12, 2023

| 0 Min Read

#CIRCLE #USDC #STABLECOIN #SVB #BANKING SYSTEM

News

Circle's USDC Reserves Remain Stuck at SVB, Raises Concerns Over Crypto Stability

Circle's $3.3 billion worth of USDC reserves held at Silicon Valley Bank (SVB) have not been processed, raising concerns over the stability of the cryptocurrency. This follows the disclosure that 20% of Circle's USDC reserves were held in several financial institutions, including the recently bankrupted Silvergate and the now-shuttered SVB. The world of cryptocurrencies has been characterized by volatility, leading to concerns over their stability and reliability as a store of value. One cryptocurrency that has been touted as a more stable alternative to Bitcoin is USD Coin (USDC), a stablecoin that is pegged to the US dollar.

Terrill Dicki

Mar 12, 2023

| 0 Min Read

#CIRCLE #USDC #SVB #CRYPTO STABILITY #RESERVES

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