Latest contagion was ‘TradFi to crypto’ and never vice versa — Circle coverage director

Caroline Hill, the director of world coverage and regulatory technique for stablecoin issuer Circle, has positioned among the blame from the latest collapse of banks tied to crypto on conventional monetary establishments slightly than digital property.

Talking on March 13 at a South by Southwest (SXSW) panel in Austin, Texas, on regulating cryptocurrencies, Hill alluded to among the issues across the depegging of Circle-issued (USDC) amid stories the agency held greater than $3 billion in reserves at Silicon Valley Financial institution. The worth of the stablecoin dropped roughly 10% on March 10 earlier than repegging to $1 on March 13.

Proceed Studying on Coin Telegraph