Binance introduces USDC/USDT pair to help Circle CollapseAfter Luna`s stablecoin collapse, UST:
Now Binance, the biggest crypto exchange, recently introduced the USDC/USDT pair, and now it`s users are able to transform their USDC into Tether.
And let`s be honest, who wouldn`t to that amid this market uncertainty?!
On Saturday, the USD Coin (USDC) stablecoin experienced a drop in value below its dollar peg and reached a historical low.
However, it later recuperated most of the losses after Circle, the company in charge of it, provided reassurance to investors that they would uphold the peg despite their connection to the struggling Silicon Valley Bank.
Circle stated in a tweet on Friday that $3.3 billion of their $40 billion in USDC reserves are held in Silicon Valley Bank!!
I think CZ listed this USDC/USDT pair on purpose, to generate a bank run out of its rival Circle, while they don`t have access to the full USDC liquidity.
Watch out for those Top 5 investors in Circle as well:
1. Goldman Sachs: Goldman Sachs was one of the earliest investors in Circle, participating in a $50 million funding round for the company back in 2015. Since then, the investment bank has continued to support Circle, participating in subsequent funding rounds and helping to promote the adoption of Circle's products.
2. Digital Currency Group: Digital Currency Group is a venture capital firm focused on investing in companies in the cryptocurrency and blockchain space. The firm has invested in numerous companies in the industry, including Circle. Digital Currency Group participated in a $110 million funding round for Circle in 2018, and has continued to support the company since then.
3. Breyer Capital: Breyer Capital is a venture capital firm founded by Jim Breyer, a prominent investor in the technology industry. Breyer Capital has invested in a number of successful technology companies, including Facebook and Spotify. The firm participated in a $50 million funding round for Circle in 2015.
4. Accel: Accel is a global venture capital firm that has invested in numerous successful technology companies over the years, including Facebook, Dropbox, and Slack. Accel participated in a $60 million funding round for Circle in 2016.
5. Pantera Capital: Pantera Capital is a hedge fund focused on investing in cryptocurrencies and blockchain technology. The firm has invested in numerous companies in the industry, including Circle. Pantera Capital participated in a $50 million funding round for Circle in 2015, and has continued to support the company since then.
Looking forward to read your opinion about it!
