Circle, the company behind one of the largest stablecoins in the cryptocurrency market disclosed a notable exposure to the collapsed Silicon Valley Bank days after the SVB collapse, spurring the USDC FUD.
The above events subsequently led to the Circle’s USDC temporarily losing its $1 peg value, and since this depeg event, more information has continued to surface on why Circle was able to gain its $1 value back.
Coinbase Reportedly Offered Circle $3 Billion
In a recent report by Fortune, citing people with knowledge of the matter, Armstrong Coinbase reportedly offered Circle a $3 billion credit line to take USDC back to its 1 to 1 value with the US dollar.
If USDC could not repeg, Coinbase is likely to be one of the crypto firms to bear the consequences, this is because the USDC is managed by a consortium known as Centre, founded by Circle, members comprise Coinbase and Bitmain, a Bitcoin mining centre, an investor of Circle, also, there has been a partnership between Coinbase and Circle in the past.
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