Circle's usd coin (USDC), the second-largest stablecoin in the world, fell below its $1 peg, as markets grappled with the fallout from Silicon Valley Bank's failure.
The stablecoin's value proposition is that it is 100% backed by U.S. dollars or short-term U.S. treasuries, such that the tokens are always redeemable 1:1 for actual dollars in a traditional bank account. As such, it generally maintains a price of almost exactly $1, even in the hectic cryptocurrency markets.. It has fallen as low as $0.88.
Circle added: "USDC liquidity operations will resume as normal when banks open on Monday morning in the United States."to wait to shed USDC's counterparty risk. Tether is currently trading at $1.01, suggesting that many USDC holders are opting for the original, global stablecoin in this moment of uncertainty in the U.S.$32.4 billion of the assets backing USDC are held in short-term U.S. treasuries, while $9.
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USDC remains at about $0.90 following Circle's disclosure of funds at SVBMany stablecoins are trading below their pegs after Circle disclosed that $3.3 billion of USDC's reserves is with Silicon Valley Bank.
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USDC Issuer Circle Says it 'Awaits Clarity' From FDIC on Silicon Valley Bank CollapseCircle declined to specify how much of the cash backing USDC is stuck at Silicon Valley Bank in its first statement since the tech lender's collapse. realDannyNelson reports
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Circle Confirms $3.3B of USDC's Cash Reserves Stuck at Failed Silicon Valley BankCircle said Friday that $3.3 billion in cash – roughly 7.5% of USDC's total reserves – remain at failed Silicon Valley Bank. sndr_krisztian reports
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USDC depegs as Circle confirms $3.3B stuck with Silicon Valley BankUSDC lost 3% of its value as it traded at $0.969, while on-chain data further reveals that Circle redeemed a net of $1.4 billion in USDC in 8 hours.
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