Trading with USD Coin (USDC) has been re-enabled on PDAX for the Ethereum (ERC-20) network. However, USDC remains unavailable on Stellar, Algorand, and Polygon. Please also be aware that there are ongoing market conditions that may still affect USDC’s available liquidity and price stability.
It is recommended that you stay up to date with news events related to USDC and take these into consideration in coming up with trading decisions.
Here are some important developments to be aware of as of March 12, 2023:
- The second largest collapse of a financial institution in the US occurred March 10, as investors withdrew from Silicon Valley Bank after its failure to raise capital.
- USDC lost its dollar peg falling to as low as $0.87 after its issuer, Circle, revealed that they have a $3.3 billion exposure to Silicon Valley Bank.
- Circle assures users however, that USDC will remain redeemable to the US dollar on a 1:1 basis, despite the exposure to Silicon Valley Bank.
Please also see:
Circle Blog: An Update on USDC and Silicon Valley Bank
Circle Transparency and Stability Page
DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis. The links in this article are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.