SVB Collapse and USDC Reserves: Uncertain Future for Stablecoins
TL;DR Summary
Circle CEO Jeremy Allaire has confirmed that the stablecoin issuer has been able to access its $3.3 billion of funds held with Silicon Valley Bank since March 13. The temporarily locked funds had a significant effect on USDC, causing it to briefly de-peg, but the stablecoin's dollar peg has since recovered. Meanwhile, USDT has recorded a slight increase in its market cap since March 11. USDC is over 100% collateralized with over 80% of the reserve consisting of short-dated United States Treasury Bills.
- Circle ‘able to access’ $3.3B of USDC reserves at Silicon Valley Bank, CEO says Cointelegraph
- How the SVB collapse affected the $135 billion stablecoin market CNBC International TV
- Circle USDC Rebounds From De-Pegging, but Stablecoin Observers See an Uncertain Future CoinDesk
- USDC depegged because of Silicon Valley Bank, but it's not going to default Cointelegraph
- SVB’s collapse also exposed the fragility of crypto stablecoins | Mint Mint
- View Full Coverage on Google News
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