Fast Take
- On Saturday, March 11, Circle CEO Jeremy Allaire announced that Circle pledges to cowl any shortfall within the belongings backing USDC if it doesn’t obtain the whole thing of a $3.3 billion money reserve held at Silicon Valley Financial institution.
- USDC is a stablecoin meant to be pegged to the US greenback however fell in worth after Silicon Valley Financial institution’s collapse.
- The worth of the stablecoin fell as little as $0.88 earlier than rebounding to $0.97 after the announcement.
- Circle stated it might stand behind USDC and canopy any shortfall utilizing company sources, involving exterior capital if needed.
- Different stablecoins, similar to Dai and Gemini USD, have rallied on this information.
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