Stablecoin USDC loses its peg to the US dollar amid SVB collapse
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👀 Stablecoin USDC has lost its peg to the US dollar and at the time of writing is trading at $0.92 after its issuer Circle announced it was holding $3.3bn in reserves at Silicon Valley Bank, closed by the authorities.
The California regulator closed SVB due to "lack of liquidity and insolvency" and transferred it to FDIC management.
USDC's capitalisation fell 13% in less than 24 hours, according to CoinGecko. At the time of writing, the stablecoin is down to $38.1bn.
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