{"id":7328,"date":"2023-03-11T09:18:38","date_gmt":"2023-03-11T09:18:38","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=7328"},"modified":"2023-03-16T16:17:26","modified_gmt":"2023-03-16T16:17:26","slug":"silicon-valley-bank-run-depegs-usdc","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2023\/03\/11\/silicon-valley-bank-run-depegs-usdc\/","title":{"rendered":"Silicon Valley bank run depegs USDC"},"content":{"rendered":"

Yesterday\u2019s decision by California\u2019s banking regulator to shut Silicon Valley bank<\/a> after a $42bn run by depositors, the second-largest bank failure in US history, threatens far-reaching consequences.<\/p>\n

One of its first victims is stablecoin USD coin (USDC), which fell to 90 cents in the dollar in overnight trading.<\/p>\n

USDC, the second-largest dollar stablecoin, with around $40bn in assets, is issued by a consortium called Circle, which includes cryptocurrency exchange Coinbase and bitcoin mining company Bitmain.<\/p>\n

USDC becomes 90\u00a2C<\/em><\/p>\n

\"\"<\/p>\n

On its website, Circle describes USDC<\/a> as \u201ca fully-reserved stablecoin\u201d.<\/p>\n

\u201cEvery digital dollar of USDC on the internet is 100 percent backed by cash and short-dated U.S. treasuries, so that it\u2019s always redeemable 1:1 for U.S. dollars\u201d, Circle says.<\/p>\n

\u201cUSDC reserves are held in the custody and management of leading U.S. financial institutions, including BlackRock and BNY Mellon,\u201d it says.<\/p>\n

At its latest monthly attestation, dated 31 January<\/a>, USDC said that $9.9bn of its assets were held in bank accounts and the remainder in US government bonds.<\/p>\n

The banks used were Bank of New York Mellon, Citizens Trust bank, Customers bank, New York Community Bank, Signature bank, Silicon Valley bank and Silvergate bank, USDC said.<\/p>\n

Late on Friday, USDC said that $3.3bn of its current reserves<\/a> of around $40bn remain at SVB.<\/p>\n

Silvergate bank announced on Thursday that it is entering voluntary liquidation and aimed to repay depositors in full, subject to the liquidation plan proceeding as expected.<\/p>\n

Yesterday, Federal regulators made clear that uninsured depositors at SVB (those with deposits above the $250k Federally insured limit) may lose some of their money.<\/p>\n

In a press release, the Federal Deposit Insurance Corporation (FDIC) said<\/a> that insured depositors will have full access to their insured deposits at SVB no later than Monday morning, March 13, 2023,<\/p>\n

It will pay uninsured depositors an advance dividend within the next week, said the FDIC, while those depositors will then receive a certificate for the remaining amount of their uninsured funds, it said.<\/p>\n

\u201cAs the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors,\u201d it went on.<\/p>\n

Last night Coinbase said<\/a> it was “temporarily pausing” conversions between USDC and US dollars while banks are closed over the weekend.<\/p>\n

On the Curve 3 pool, an automated market making system allowing cryptocurrency market participants to exchange stablecoins, supplies of an alternative stablecoin, tether (USDT) had fallen to less than a million dollars by Saturday morning as market participants switched out of USDC.<\/p>\n

On cryptocurrency exchange Kraken, USDT traded as high as $1.06, a six percent premium to its target of $1 per share, during the panic to exit USDC.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from New Money Review<\/em><\/span><\/p>\n

Why stablecoins disrupt the financial plumbing<\/a><\/p>\n

Stablecoins come unstuck again<\/a><\/p>\n

Stablecoins give regulators a headache<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday\u2019s decision by California\u2019s banking regulator to shut Silicon Valley bank after a $42bn run by depositors, the second-largest bank failure in US history, threatens far-reaching consequences. 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