Caroline Hill, the director of global policy and regulatory strategy for stablecoin issuer Circle, has placed some of the blame from the recent collapse of banks tied to crypto on traditional financial institutions rather than digital assets.
Speaking on March 13 at a South by Southwest (SXSW) panel in Austin, Texas, on regulating cryptocurrencies, Hill alluded to some of the concerns around the depegging of Circle-issued USD Coin (USDC) amid reports the firm held more than $3 billion in reserves at Silicon Valley Bank. The price of the stablecoin dropped roughly 10% on March 10 before repegging to $1 on March 13.
“What happened over the last several days was a bit of an ironic black swan situation where the contagion was not from crypto to
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