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….
Read More: USDC Depeg: Circle’s $43 Billion Stablecoin in the Spotlight as Silicon Valley Bank Exposure is Revealed – Here’s the Latest
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….
Read More: USDC Depeg: Circle’s $43 Billion Stablecoin in the Spotlight as Silicon Valley Bank Exposure is Revealed – Here’s the Latest