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Circle CEO: SVB Collapse Came During Bank Transition Period For USDC

source-logo  coingape.com  + 5 more 15 March 2023 16:44, UTC

Circle CEO Jeremy Allaire described the recent banking crisis in the United States as ‘dramatic’ and ‘challenging’. He said panic emerged in the market last week and manifest in closure of banks and the Federal Deposit Insurance Corporation (FDIC) stepped in. The CEO said liquidity crisis in the macro environment emerged due to asset imbalances with rising interest rates. Despite USDC’s depegging issues when the banking crisis began last week, the stablecoin is now almost back to $1 value while the crypto market saw one of the biggest rallies in recent times that took Bitcoin price to its highest level since June 2022.

coingape.com

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