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USDC stablecoin breaks dollar peg following Silicon Valley Bank collapse
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USDC stablecoin breaks dollar peg following Silicon Valley Bank collapse
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13th March 2023, 08:04
| #1 |
| [M] Reviewer  Join Date: May 2010 Location: Romania
Posts: 148,618
 |  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. https://www.engadget.com/usdc-stable...1.html?src=rss |
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