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USDC depegged, but it's not going to default
Published Mar 13, 2023 06:35PM ET
Updated Mar 13, 2023 09:20PM ET
Over the past week, investors understandably became concerned over the news that billions of dollars backing USD Coin (USDC) — the second-largest stablecoin — were locked up in the distressed Silicon Valley Bank (SVB). The market reacted violently, causing USDC to lose its dollar peg. But while the concern was understandable, it has become clear that USDC creator Circle will regain full access to its funds. The crypto community can breathe easily.
Hundreds of sensors are buried on the ocean floor off the coast of Japan. Trained to detect the slightest hints of a tremor, they wire data at light speed to laboratories on the main island. In the event of the fault lines that bifurcate the ocean trenches hitting violently together, the seismic activity will be detected, giving islanders precious minutes in which to retreat to high ground before a tsunami hits.
Rumors of USDC’s demise have been exaggerated
Gracy Chen is the managing director of the cryptocurrency exchange Bitget where she covers matters of market expansion, business strategy and corporate development. Before joining Bitget, she held executive roles at XRSPACE, a VR technology company, and was an early investor in BitKeep, Asia’s leading decentralized wallet. In 2015, Gracy was named a Global Shaper by the World Economic Forum. A graduate of the National University of Singapore, she is earning an MBA degree at the Massachusetts Institute of Technology.
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