According to a press release by the Federal Reserve Bank of New York (NY Fed), funds “organized for a single beneficial owner,” registered as “2a-7 funds” at the Securities and Exchange Commission (SEC), “generally will be deemed ineligible” under the new rules. The Circle Reserve Fund, managed by global investment management giant BlackRock Advisors, appears to fall into this category.

Tether's USDT stablecoin market cap has reached $81.5 billion, close to its all-time high of $83.4 billion. Its market share stands at 63%, its highest point in two years. Circle's USD Coin and Paxos-issued Binance USD saw a disproportionate amount of on-chain value redeemed for dollars, contributing to Tether's surge in market share.

CME to Add Daily Expiries on Bitcoin and Ether Futures Options Contracts; USDC Issuer Circle Exec to Testify at US Congressional Hearing on Stablecoins; BoE Considers Limits on Stablecoin Payments as Parliament Debates New Crypto Rules

Circle, the US company behind the popular stablecoin USDC, is set to testify in a Congress hearing on Wednesday about stablecoin regulation in the US.

The United States House Committee on Financial Services a.k.a the Financial Services Committee will hold a hearing on April 19 to discuss stablecoins’ position as a means of payment and whether or not the ecosystem needs supporting legislation.

April 16 (Cointime) -  From April 6 to April 13, Circle issued a total of $400 million in USDC and redeemed $1.2 billion in USDC, resulting in a net reduction of approximately $800 million in circulation.

On March 20, a vote was opened for the MakerDAO community to ‘normalize’ the parameters of the Price Stability Module (PSM). As a result, USDC remained the main reserve asset of PSM.

Sen. Elizabeth Warren (D-Mass.) and Congresswoman Alexandria Ocasio-Cortez (D-NY) want to know why crypto companies, like bankrupt crypto lender BlockFi and stablecoin issuer Circle, banked at now-collapsed Silicon Valley Bank.

Vishal Gupta, head of exchange and markets at crypto exchange giant Coinbase, announced that he was leaving Coinbase after serving as the firm’s head of exchange and markets for nearly three years, a position he took up in September 2020.

Bitcoin's dominance has reached 45%, its highest level since May 2021, as the cryptocurrency's price has surged 82% since the beginning of January. This increase in dominance is unusual as it typically rises when other crypto prices decrease. Digital asset investment products saw inflows totaling $57 million last week, with bitcoin representing 98% of those inflows.

Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez sent letters to 14 of Silicon Valley Bank's largest depositors, including Circle Internet Financial, BILL Holdings, BlockFi, and Eiger BioPharmaceuticals, asking about their connections with the failed bank.

Despite a declining market cap, USDC, the stablecoin issued by Circle, generated more than $300 million from interest on its treasury bills, according to Messari's data. Circle also generated revenue from USDC transactions, subscriptions, and services, with Bitcoin and Ethereum accounting for a significant portion of the revenue.

April 9 (Cointime) - Circle has recently issued 600 million USDC and redeemed 2.5 billion USDC within the past seven days, resulting in a net decrease of approximately 1.9 billion USD in circulation.

The initial launch of the Developer Dashboard introduces two powerful Web3 developer tools: API Logs and Webhook Subscription Management.

Circle-backed stablecoin USDC has seen net outflows exceed $10 billion since the collapse of Silicon Valley Bank (SVB) on March 10th. USDC's market cap has fallen by over 42% to $33.2 billion from its all-time high last June, while its rival&nbsp;<a>stablecoin Tether</a>&nbsp;(USDT) has reached its most significant market share since May 2021, representing 60% of all stablecoins in circulation.

According to Circle, from March 23 to March 30, Circle issued a total of USD 600 million USDC, redeemed USD 2.5 billion USDC, and reduced circulation by approximately USD 1.9 billion.

Circle’s USDC continues to see redemptions en masse as the stablecoin's market cap fell to about $32.5 billion, a decline of roughly $10 billion over the last two weeks.

Circle's USDC stablecoin has lost 23% market share in less than a month's time, following the collapse of its key banking partner, Silicon Valley Bank (SVB). Since March 10, the net outflows from the USDC stablecoin have surpassed more than $10 billion so far. Circle has backed the token's value with short-term government bonds and cash reserves at various US banks, and after the collapse of SVB, it moved a large portion of its cash to BNY Mellon. In contrast, Tether's native stablecoin USDT has extended its dominance in the market, with its market cap over the last month surging by more than 12% to reach close to $80 billion, contributing to Tether's rise to more than 60% share of the $132 billion stablecoin market.

OpenSea Teases April Integration of Solana NFTs; Russia Delays CBDC Pilot To Await New Law; Crypto Twitter, CEO “CZ” Refute China-Binance Link After US CFTC Suit

In a new report, Moody’s analyzed the impact of the traditional banking system on stablecoins, as well as the possible tightening of regulation against the background of the recent banking crisis.