Stablecoins rally as Circle announces it will cover all USDC redemptions 1:1

2023-3-13 00:34

Quick Take On Saturday, March 11, Circle CEO Jeremy Allaire announced that Circle pledges to cover any shortfall in the assets backing USDC if it does not receive the entirety of a $3.3 billion cash reserve held at Silicon Valley Bank. USDC is a stablecoin meant to be pegged to the US dollar but fell in value after Silicon Valley Bank’s collapse. The value of the stablecoin fell as low as $0.88 before rebounding to $0.97 after the announcement. Circle said it would stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary. Other stablecoins, such as Dai and Gemini USD, have rallied on this news.

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