The move makes Gibraltar-based Xapo the first fully licensed bank in the world to offer USDC on-and off-ramps as a fast, free, 24/7 alternative to the expensive and slow SWIFT system used for international payments.
The move makes Gibraltar-based Xapo the first fully licensed bank in the world to offer USDC on-and off-ramps as a fast, free, 24/7 alternative to the expensive and slow SWIFT system used for international payments.
USDC depeged from USD after US Silicon Valley Bank collapsed. Exchanges paused their conversion as users rushed into other assets. Now the stablecoin has got back to 1:1 ration, but what’s done is done…
The collapse of Silicon Valley Bank (SVB) affected, among others, the USDC’s reserves and this “blue-chip” stablecoin has lost its peg to the dollar. Ironically, the only decentralized unicorn stablecoin project, MakerDAO is now in trouble due to its “reinforcing” USDC-backed component.
Circle CEO, Jeremy Allaire, shared with Bloomberg his thoughts on the SEC's interaction with the stablecoin market and the regulator's proposal on the storage of cryptocurrencies.
Circle has created a protocol that replaces cross-chain bridges - CCTP. The launch is planned in the middle of the first quarter of 2023 on Ethereum and Avalanche.
