XRP Used as Solution by Blockchain Financial Service to Convert Funds During USDC Depeg

This query is about using XRP by blockchain financial service Reaper Financial to convert funds during the USDC depeg. Several news sources such as TradingView, u.today, Flipboard, Twitter, Reddit, LinkedIn, and NewsNow have reported on this.

Step-by-Step Process

The following is a step-by-step process of what happened regarding the use of XRP by Reaper Financial to convert funds during the USDC depeg:

1. USDC issuer Circle confirmed that $3.3 billion of its total $40 billion in USDC reserves are domiciled with Silicon Valley Bank (SVB). SVB is one of six banking partners that Circle uses to manage over 25% of its USDC reserves held in cash. [[1]]
2. The value of USDC was below its dollar peg at $0.918 at the time of writing. [[2]]
3. Blockchain financial service Reaper Financial converted the USDC in its Permanent DRIP Fund to XRP to solve the depeg issue. [[2]][[4]][[6]]
4. The conversion of USDC to XRP was reported by several news sources such as u.today, TradingView, Flipboard, Twitter, Reddit, LinkedIn, and NewsNow. [[1-10]]
5. XRP saw an enormous 680 million volume spike, leading to a price breakthrough. [[3]]
6. Ripple v. SEC: Bloomberg Expert is expecting a ruling in the coming months. [[5]]
7. XRP failed to break through, is this the end of XRP’s uptrend? [[5]]
8. Ada, Sol, and Matic all up as market takes a breath of relief. [[10]]
9. Crypto prices today: XRP drops; Cardano, Polygon, Solana gains over 4% as market recovers. [[10]]

Source https://u.today/xrp-used-as-solution-by-blockchain-financial-service-to-convert-funds-during-usdc-depeg