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Circle, the issuer of USDC, said the stablecoin will now be available on six more blockchains and layer-2 platforms , including Base, Cosmos, NEAR Protocol, Optimism, Polkadot, and Polygon. This development comes two days after Coinbase, the crypto exchange, said it had invested in Circle, paving the way for the dissolution of the Centre Consortium. According to a report on Aug. 23, the goal of this expansion is to spur USDC adoption . The stablecoin has steadily lost market share to USDT since March 2023 but remains one of the most liquid coins. In March, Circle revealed that it had over $3 billion in reserves at Silicon Valley Bank (SVB), which collapsed in the largest bank failure since the 2008 financial crisis. Following this news, USDC briefly depeg, allowing capital to shift over to USDT and more liquid coins, mostly Bitcoin and Ethereum.  Top stablecoins by market capitalization | Source: CoinMarketCap Currently, USDC is available on multiple platforms , including Ethereu...

Launched in April, the USDC pools were previously accessible only to non-U.S. accredited investors. Blockchain institutional capital marketplace Maple Finance has secured an exemption from the United States Securities and Exchange Commission to offer its one-month U.S. Treasury yields to accredited investors in the United States. Before the Aug. 9 announcement, the Maple Finance Treasury pools were only available to accredited investors outside the United States. Through the SEC Regulation D Rule 506(c) Exemption, a firm may offer investment products, without prior registration, to individual investors in the U.S. with a net worth exceeding $1 million, excluding the value of their primary residence, or with an annual income exceeding $200,000 per year ($300,000 if their spouse is included). A firm may also sell such investment products to accredited U.S. entities, such as banks.  Data from Maple Finance shows that over 21 million USD Coin (USDC) has been deposited into its Treasury...

The market frenzy that started with the Silicon Valley Bank collapse is pushing BTC price higher but with some casualties left behind. The panic caused due to USD Coin's (USDC) depeg from the U.S. dollar manifested itself in a wrong order, costing traders $50,000 per Bitcoin (BTC), albeit for several minutes. Bitcoin price sees $50K in "fat finger" error  The BTC/USDC pair on Binance flash spiked to $50,000 on March 12 around 7 pm UTC. The reason for the impulse spike is unknown and was likely due to a "fat finger" trade of a large order. BTC/USDC hourly price chart on Binance. Source: TradingView The potential reason for the flash spike is likely thin order books for the newly launched BTC-USDC pair on Binance. The exchange listed the pair only a few hours before the impulse price surge. According to a trader on Crypto Twitter, it is likely that a Bitcoin market order ate through the limit sell-orders on the pair up to $50,000. The pair's trading price re...

While on-chain stablecoins settlements are growing rapidly, many people pointed out that comparing stablecoin settlements to Visa transactions is not fair as they represent two different things. Stablecoins play a very critical role in the crypto economy today and despite the recent run-down in the broader market, stablecoin volumes continue to dominate most exchanges. According to Coinmetrics data, on-chain stablecoin settlements reached over $7 trillion in 2022 and are expected to end the year at around $8 trillion. While the largest card network, Visa, processes ~$12tn/yr. Peter Johnson, co-head of the venture at Brevan Howard Digital, said that stablecoin settlements had already surpassed MasterCard and American Express. Furthermore, he predicted that in 2023 on-chain stablecoin volumes will surpass the Visa transaction volumes. He also noted that stablecoins volume would not only surpass Visa but most likely surpass the aggregate volume of all four major card networks (Visa, ...