USDC stablecoin breaks dollar peg following Silicon Valley Bank collapse

The abrupt collapse of Silicon Valley Bank has affected the value of the world's fifth-largest cryptocurrency, increasing fears of a possible ripple effect among Web3 companies. On Saturday morning, USD Coin fell to a record low of $0.87 after Circle, the company that manages the stablecoin, disclosed that $3.3 billion of the approximately $10 billion cash reserves backing USDC was held by SVB. As The Guardian notes , the drop is unprecedented. As a stablecoin, the value of USDC is supposed to r...