PSquare Daily

2023-03-11 09:24:41 USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank

At the time of writing, USDC lost 3% of its value as it traded at $0.969, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan.

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2023-03-11 07:37:00 After SVB, Now Wells Fargo glitch cause another panic

https://www.nbcnews.com/business/business-news/wells-fargo-says-technical-issue-causing-customers-report-missing-depo-rcna74419?cid=sm_npd_nn_tw_ma Open / Comment

2023-03-11 07:34:57 USDC Depegs due to exposure to Silver Valley Bank

Tether and Paxos already claimed that they don't have any exposure to SVB, though busd also Depegs. While tether is at premium as most of people converting usdc to usdt.

Point to Note :
As of 2nd March, Circle had around 25% of total mcap of USDC which is equivalent to $11B reserves as cash in 7 banks including SVB. This hints they may have around 2-5% reserves in SVB

While funds deposited with SVB still have chance of recovery, as they have ample amount of assets and funds which are now controlled by FDIC. so they may recover some of funds from SVB.

Problem is if USDC bank run happens then marketcap will drop and early exits will get 1:1 swaps for usdc:usd while latecomers may have nothing to redeem in worst case. So keep watching mcap and usdc burn/mint transactions.

As per latest tweet, 8% of total USDC reserve lying with SVB and inaccessible to redeem/transfer. Open / Comment

2023-03-10 22:28:35 BREAKING: Silicon Valley Bank Shut Down By Regulator

The seizure of SVB's assets marks the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. Silicon Valley Bank was one of the largest bank in the U.S.

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2023-03-10 18:34:29 MATIC Samsung announces 8K metaverse on Polygon blockchain

Samsung has been expanding its 8K ecosystem, widening the scope of high-definition content experiences. With technology optimized to offer the brig

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2023-03-10 18:32:23 IMX ImmutableX hires Former CMO of Avalanche As New CMO

IMX hires TOPs from Avalanche, Meta and Shopify

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2023-03-10 18:29:31 Uniswap v3 protocol will become free to use after business license expires on April 1

The protocol for Uniswap v3 is set to become completely free for use as open source software after the expiration of its Business Source License (BSL) on April 1.

This protocol allows liquidity providers to specify a price range within which they are willing to trade, improving capital efficiency.

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2023-03-10 13:56:58 Thailand SEC Asked Public Feedback On Banning Crypto Staking & Lending Services

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2023-03-10 12:08:57 Itheum Announce Launch Of Panacare DAO

Itheum announces the launch of Panacare DAO, the world's first Data Coalition DAO designed to revolutionize healthcare. This DAO will empower patients to control & trade their health data using blockchain technology.

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2023-03-04 21:32:41  Circle Move Reserves Of USDC Out Of Silvergate Bank

As per the statement, Circle has withdrawn the "small percentage" of USD Coin (USDC) reserves held at Silvergate to other banking partners.

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