The USD Coin (USDC) stablecoin has distanced away from its intended $1 peg following the revelation that Circle has exposure to the now-collapsed Silicon Valley Bank. Circle, the issuer of the world's second-largest stablecoin USDC, said in a Friday tweet that it has $3.3 billion of its $40 billion USDC reserves at the fallen lender. The company detailed that it made wire transfer requests on Thursday, but they were not completed by the end of Friday....
USDC Depeg: Circle's $43 Billion Stablecoin in the Spotlight as Silicon Valley Bank Exposure is Revealed - Here's the Latest
Crypto News - 11 Mar 2023 18:00
The USD Coin (USDC) stablecoin has distanced away from its intended $1 peg following the revelation that Circle has exposure to the now-collapsed Silicon Valley Bank. Circle, the issuer of the world's second-largest stablecoin USDC, said in a Friday tweet that it has $3.3 billion of its $40 billion USDC reserves at the fallen lender. The company detailed that it made wire transfer requests on Thursday, but they were not completed by the end of Friday....
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