• News
    • Bitcoin
    • Altcoins
  • Blockchain
  • NFT
  • Metaverse
  • Regulation
  • Learn
  • Market Cap
What's Hot

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25

Huobi believes SEC impact is over

2023-03-24
Facebook Twitter Instagram
Top Coin Spot
  • News
    • Bitcoin
    • Altcoins
  • Blockchain

    Chainlink Labs, PwC Germany Partner for Enterprise Blockchain Adoption

    2023-03-23

    Atlanta Home Tokenized on Ethereum, Nets $214,882 in Under 3 Minutes

    2023-03-23

    Blockchain tech could save municipalities money but adds risks, Moody’s says

    2023-03-22

    Celer Network Releases Brevis to Provide More Opportunities for Smart Contracts and DApps

    2023-03-22

    Blockchain messaging is going to replace Telegram and Discord

    2023-03-22
  • NFT

    A Guide to Gods Unchained

    2023-03-24

    A Conversation with Lady Phe0nix

    2023-03-24

    Do You Believe in (Bitcoin) Magic?

    2023-03-24

    Metaverse Project Proposes On-chain Reputation Scores for NFT Projects

    2023-03-24

    Tarzan Swings Into the Metaverse With Official NFT Drop

    2023-03-24
  • Metaverse

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13
  • Regulation
  • Learn

    In Search of Legal Personality & Limited Liability

    2023-03-23

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Are There Any Free Play-to-Earn Crypto Games?

    2023-03-16
  • Market Cap
Top Coin Spot
Home»Altcoins»Circle reveals level of exposure to FTX; should USDC holders be worried?
Altcoins

Circle reveals level of exposure to FTX; should USDC holders be worried?

2022-11-16No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
  • Circle has alluded to over $10 million publicity to FTX
  • It additionally hinted on the loss suffered because of Binance’s auto conversion

In a recent Twitter submit, Circle’s Jeremy Allaire stated that USDC solely had a small quantity of publicity to FTX. He didn’t specify within the thread in what capability or how a lot cash was at stake.

Nevertheless, Circle simply disclosed how a lot publicity they should FTX in addition to a number of different important information concerning the corporate in a doc that was made public. Do customers want to fret?

Causes of Circle’s missed projections

Circle had a $10.6 million greenback publicity to FTX, in keeping with the latest revision of its S-4 statement with the Safety and Trade Fee (SEC). The cash was utilized to make an fairness funding within the FTX group. This principally provides it to the checklist of FTX victims although it could not seem to be a lot cash by Circle’s requirements.

Binance, a cryptocurrency change, said in September that it could robotically convert USDC to BUSD. Though Circle didn’t have the assets to find out the exact influence of Binance’s automated USDC-to-BUSD conversions on the discount of USDC in circulation, they did be aware a roughly $3 billion achieve in BUSD between 17 August and 30 September. The extra $13.5 billion USDC launched by Circle since 30 June represented a 36% lower from 2021 ranges, the corporate stated.

Circle said within the submitting that the falling market cap of USDC was influenced by the rising rate of interest in america. Customers, the corporate claims, are shifting their investments away from cryptocurrencies and into authorities bonds as a result of rate of interest hike.

See also  ENS boasts growth in various areas but is there more than meets the eye

In the hunt for safety and diversification, even cryptocurrency corporations like MakerDAO have lately introduced the acquisition of presidency bonds.

Marketcap dips

In keeping with CoinmarketCap’s USDC market cap graph, Stablecoin’s marketcap has been lowering over the previous few weeks. On the time of this writing, nevertheless, it was clear that issues had begun to enhance. Doable concern and uncertainty (FUD) following the FTX revelation might be contributing to the noticed drop.

The historical data additionally revealed a major fee of volatility in its quantity throughout the previous few weeks.

Circle lately made information by announcing that it began supporting Apple Pay. The corporate thinks this is perhaps a boon for crypto-native companies by permitting them to simply accept funds from shoppers who don’t use cryptocurrency on their chosen change whereas nonetheless permitting their crypto-using prospects to make use of Apple Pay to amass cryptocurrency.

Though Tether’s USDT has a bigger market cap, USDC was the second largest stablecoin as of this writing. It appeared to have been rattled up by the earlier occasion like the remainder of the crypto sector. But it surely now appears to have discovered its footing. Probably reassuring information for holders of the second-largest stablecoin.



Source link

Circle Exposure FTX holders level reveals USDC worried
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25

Tether releases Q1 USDT profit estimate amid growing FUD

2023-03-24

ARB Airdrop Hype: Arbitrum Transaction Count Experiences Massive growth, Adds 400K New Users in Just One Day

2023-03-24
Add A Comment

Leave A Reply Cancel Reply

Top Posts

EU blockchain infrastructure plan proceeds as parliament passes digital policy

2022-11-24

Why Cathie Wood Remains Confident In Bold Bet

2022-11-22

FDIC acting chair says no crypto firms or tokens are backed by agency

2022-11-16

Subscribe to Updates

Get the latest news and Update from Top Coin Sports about Crypto, Metaverse, NFT and more.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25

Huobi believes SEC impact is over

2023-03-24
Get Informed

Subscribe to Updates

Get the latest news and Update from Top Coin Sports about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Topcoinspots.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,474.00-2.47%
  • ethereumEthereum(ETH)$1,749.10-2.61%
  • USDEXUSDEX(USDEX)$1.080.18%
  • tetherTether(USDT)$1.010.26%
  • binancecoinBNB(BNB)$323.840.04%
  • usd-coinUSD Coin(USDC)$1.00-0.14%
  • rippleXRP(XRP)$0.4477253.96%
  • cardanoCardano(ADA)$0.360950-0.71%
  • dogecoinDogecoin(DOGE)$0.074845-0.85%
  • staked-etherLido Staked Ether(STETH)$1,746.38-2.57%