Curve Finance Trading Volume Achieves $7B Historical High
Following the USDC depeg, the DeFi protocol on Curve Finance saw daily trade volume reach records as crypto whales competed for assets. Since the Silicon Valley Bank (SVB) collapse sent a wave of fear through the markets and caused USD Coin (USDC $0.96) to depeg from the US dollar, Curve Finance has seen its greatest […]
UK rushes to minimize damage from Silicon Valley Bank collapse
In the UK, a crisis plan is being implemented to save startups and tech firms impacted by the bankruptcy of Silicon Valley Bank. According to several sources on March 12, a strategy to save startups and tech firms impacted by the collapse of Silicon Valley Bank is in the works in the UK. A monetary […]
Bank Of England Closes Silicon Valley Bank’s UK Branch
The United Kingdom branch of Silicon Valley Bank has had its operations suspended by the Bank of England (BoE). The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s United Kingdom branch (SVB U.K.) stating that it has a “limited presence” in the U.K. and no “critical functions” supporting the financial system. […]
MakerDAO submits proposal to resolve exposure of 3.1B USDC
MakerDAO, the issuer of the U.S. dollar-pegged DAI stablecoin, asked for a “immediate executive proposal to limit threats to the protocol.” MakerDAO said it had numerous collaterals “exposed to USDC tail risk” in light of the unprecedented depegging of the USD Coin (USDC $0.92) stablecoin that began on March 10. DAI is now secured by […]
Exchanges suspend USDC conversions as dollar peg fumbles
Crypto exchanges are showing cautionary signs after Circle disclosed how much of its USDC stablecoin is backed by reserves held by Silicon Valley Bank. Due to the closure of Silicon Valley Bank (SVB) on March 10, Circle, the company behind the USDC stablecoin, is under a lot of pressure. Recently, Circle revealed that SVB held […]