#2023

According to the March 2023 reserve report , a total of 8.7 billion USDC is being held in six banks. However, three of these banks – Silvergate, Signature, and Silicon Valley Bank – are currently experiencing liquidity and solvency issues. The situation is especially dire for Silicon Valley Bank, which held 3.3 billion USDC and has been forced to close by the California Department of Financial Protection and Innovation. The USDC price has dropped by 15%, to $0.86, in response to these developments. Additionally, the DAI stablecoin has fallen by 10%, as up to 50% of its collateral is held in USDC. Currently, US Treasury bills account for 77% of the USDC reserves. The remaining 23% is held in cash at various banking institutions. The fate of these funds will depend on the outcome of the bankruptcy process for the affected banks and the amount of funds that can be recovered.

Ameen Soleimani, one of the first contributors to the scandalous Tornado Cash crypto mixer, has announced the launch of a new mixing service called Primacy Pools, which is based on the TC code. Now, every hacker and criminal will have a chance to demonstrate that they are not engaging in any malicious activity (but not for sure). What is clear is that honest users will be able to prove that they have not committed fraud and are therefore legitimately using the privacy-enhancing service. Predictably, the new service uses zero-knowledge proof, which is the main trend of 2023. It is a protocol that confirms information without disclosing it. Your move, SEC!