Arkham Intel has reported that Voyager has initiated changing its USDC holdings into fiat forex by redeeming $150M by way of Circle’s service, additionally reporting that Coinbase had transferred $150 million in USDC to Circle.
gm
Voyager has begun cashing out its USDC to fiat, redeeming 150M by way of Circle's service.
The funds had been subsequently transferred to Circle, however haven’t but been burned.
That day, Coinbase additionally transferred $150M USDC to Circle, presumably for withdrawal. pic.twitter.com/xfjz5EA1b0
— Arkham (@ArkhamIntel) March 29, 2023
The transfer comes on the heels of Voyager’s ongoing battle over its restructuring plan, together with Binance’s bid to buy the corporate, in addition to quite a few adjustments to the stablecoin market in current weeks, during which the close to collapse of USDC was triggered by a run on three conventional U.S. banks.
Round 14 days have elapsed because the USDC misplaced its USD peg due to the SBV disaster. Subsequently, a big reshuffling happened, with quite a few crypto customers diverting their focus from USDC to various stablecoins.
Voyager’s troubles
Voyager, the non-public hedge fund based in 2018, entered into liquidation in July 2022 after it had been uncovered to unpaid loans totaling $666 million from the Singapore-based Three Arrows Capital, which led to a contagion nonetheless being felt as we speak throughout crypto.
After the chapter of FTX, Binance’s bid of $1 billion to take over the corporate has run into regulatory hurdles, specifically from the SEC, which has stated that Binance failed to supply sure items of knowledge that may enable the sale.
That is regardless of having the overwhelming help of Voyager account holders, 97% of whom voted in favor of Binance’s proposed restructuring plan final December, which might see account holders recoup about 73% of the funds remaining of their stability.
The put up Voyager redeems $150M of USDC to fiat by way of Circle appeared first on CryptoSlate.