On Saturday, March 11, Circle CEO Jeremy Allaire introduced 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 mentioned it could stand behind USDC and canopy any shortfall utilizing company sources, involving exterior capital if vital.
Different stablecoins, akin to Dai and Gemini USD, have rallied on this information.
The submit Stablecoins rally as Circle publicizes it is going to cowl all USDC redemptions 1:1 appeared first on CryptoSlate.
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