The world’s second largest stable coin has problems

Circle, ägaren till världens näst största stable coin USDC, är i trubbel. Stablecoins är kryptovalutor designade för att ha ett relativt stabilt pris kopplat till en valuta. Men den länken går sönder om det inte finns tillräckligt med tillgångar för att backa upp stable coin.

Circle, the owner of the world’s second largest stablecoin USDC, is in trouble. Stablecoins are cryptocurrencies designed to have a relatively stable price linked to a currency. But that link breaks down if there are not enough assets to back the stablecoin.

Bad news

Silicon Valley Bank (SVB) the bank that has dominated newspaper headlines this week held 25 percent of the USDC’s cash reserves.

Crypto marketplace Coinbase has suspended USDC to USD withdrawals over the weekend

The USDC is now trading on the secondary market at 90 cents to the dollar, which under normal circumstances is a significant discount for a stable coin that should be trading at the same price as the US dollar. This is because the USDC is supposed to be fully backed by the US dollar.

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