Moody’s: USDC Hiddle from the dollar will reduce confidence in stablecoin – Bits Media

Moody’s rating agency analysts count, that the recent fall in the course of the Stablecoin USDC to $0,89 can lead to a decrease in the adoption of all stable cryptocurrencies and tighten the regulation.

Recall, that recently in the American banking sector erupted Large -scale crisis, which led to the collapse of such large banks, Like Silicon Valley (SVB) outo Signature. Circle company, standing behind the USDC stabilcoin, I stored in SVB reserves in the amount from above $3 billion. Therefore, the owners of the stablecoins panicked and began to sell their reserves. This led to the USDC unit from the dollar exchange rate.

“Until now, large stakeblokins, wealthy fiat currencies, Demonstrated amazing stability. They experienced large scandals in the cryptocurrency industry without any problems, Such as the collapse of the FTX exchange. However, recent events showed, that the issuers of stabilcoins depend on a fairly small set of financial institutions and this limits the stability of stablecoins ”, - Analysts write Cristiano Ventricelli (Cristiano Ventricelli), Vincesnt Gusdorf (Vincent Gusdorf), Rajiv (Rajeev Bamra) and Fabian Astick (Fabian Astic).

USDC steablecoin quickly restored the binding to the dollar rate. but, As emphasized by Moody’s analysts, It happened only after that, as the Federal Corporation for US Deposit Insurance (FDIC) declared that, What will support Silicon Valley Bank and pay all deposits to bank customers.

“If FDIC had not supported the bank, USDC capitalization continued to fall quickly, And Circle would be forced to use reserves. Given the current market situation, This would increase pressure on the banks, where Circle stores assets, And this could lead to risks for other stablecoins. ", - Analysts believe.

Earlier, General Director of the largest cryptocurrency exchange Binance Chanpen Zhao (Changpeng Zhao) He said, that it was traditional banks that have become a real risk for stablecoins, secured by fiat currencies.