Circle had $3.3 billion of cash that backed its USD Coin stablecoin parked with SVB. This video file cannot be played. (Error Code: 232011)
Will SVB be re redeemable 1 to 1?
On Sunday, the U.S. Treasury, Federal Reserve and Federal Deposit Insurance Corporation said that depositors of SVB will have access to all of their money starting Monday. Circle said USDC remains redeemable 1-to-1 with the U.S. dollar.
What is the step by step SVB procedure?
The step by step SVB procedure to be followed is laid down as under: Every importer while filing bill of entry makes a declaration about whether seller of imported goods is related in terms of Rule 2 (2) of the Valuation Rules.
Will USDC regain $1 peg after SVB deposit is available?
USDC nearly regains $1 peg after Circle says SVB deposit is available Circle, which issues USD Coin (USDC), said that the $3.3 billion it held with the now-collapsed SVB will be "fully available" on Monday when U.S. banks open.
