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USDC Stablecoin Strengthened by U.S. Banking Crisis in March, Circle CEO Says
The stablecoin issuer has upgraded its market infrastructure after its stablecoin lost its dollar peg.
AUSTIN, Texas — The USDC stablecoin has emerged from March’s banking crisis stronger and safer, Jeremy Allaire, CEO of issuer Circle Internet Financial, said Wednesday.
USD coin, a critical rail for moving money through the crypto industry, lost its dollar peg in mid-March after Silicon Valley Bank’s failure temporarily imperiled billions of dollars of Circle's cash reserves. Though it quickly recovered ground, the event spooked investors and sparked massive outflows from the second-largest stablecoin. Circle held some of its USDC reserves at Silicon Valley Bank .
“We've successfully navigated this crisis, and have actually upgraded the market infrastructure behind USDC to be by far the strongest, safest digital dollar on the internet today, hands down, there's no question,” Allaire said on stage at CoinDesk’s Consensus conference here.
The stablecoin issuer has upgraded its market infrastructure after its stablecoin lost its dollar peg.
AUSTIN, Texas — The USDC stablecoin has emerged from March’s banking crisis stronger and safer, Jeremy Allaire, CEO of issuer Circle Internet Financial, said Wednesday.
USD coin, a critical rail for moving money through the crypto industry, lost its dollar peg in mid-March after Silicon Valley Bank’s failure temporarily imperiled billions of dollars of Circle's cash reserves. Though it quickly recovered ground, the event spooked investors and sparked massive outflows from the second-largest stablecoin. Circle held some of its USDC reserves at Silicon Valley Bank .
“We've successfully navigated this crisis, and have actually upgraded the market infrastructure behind USDC to be by far the strongest, safest digital dollar on the internet today, hands down, there's no question,” Allaire said on stage at CoinDesk’s Consensus conference here.
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