Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — depegged from the dollar as well.
Dai's total crypto assets used for on-chain collateralization as of June 27, 2022. Source: Statista
Out of the lot, USDC represented 51.87% of DAI’s collateral, worth $4.42 billion. Other prominent cryptocurrencies include Ether and Pax Dollar at $0.66 billion and $0.61 billion respectively. As a result, DAI depegged from the dollar to momentarily touch $0.897. The stablecoin recovered to trade around the $0.92 mark at the time of writing, as shown below.USD Digital , another stablecoin issued by Tron blockchain, and fractional-algorithmic stablecoin Frax shared a similar fate due to negative market sentiments. USDD responded to the USDC sell-off with a nearly 7.5% drop to trade at $0.925 while FRAX dipped even further to $0.885.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Wallets Withdraw $902M USDC From Centralized Exchanges in Past 24 Hours Amid SVB, Silvergate ShutdownsThe shutdowns of Silicon Valley Bank and Silvergate are causing ripple effects in the crypto sector, with many now looking at the impact on USDC issuer Circle, which held reserves in those banks. reports
Read more »
Scrutiny Falls on $43B USDC Stablecoin’s Cash Reserves at Failed Silicon Valley BankCircle’s USDC, the second largest stablecoin with $43 billion market capitalization, held an undisclosed part of its $9.8 billion cash reserves at failed Silicon Valley Bank. sndr_krisztian reports
Read more »
DeFi Protocol Curve’s $500M Stablecoin Pool Hammered as Traders Flee USDCNEW: DeFi protocol Curve’s 3pool – key infrastructure for trading stablecoins – is running low on USDT as the collapse of Silicon Valley Bank spooks USDC holders. realDannyNelson reports
Read more »
USDC Issuer Circle Says it 'Awaits Clarity' From FDIC on Silicon Valley Bank CollapseCircle declined to specify how much of the cash backing USDC is stuck at Silicon Valley Bank in its first statement since the tech lender's collapse. realDannyNelson reports
Read more »