Stablecoin USDC loses $1 peg after revealing $3.3 billion exposure to SVB

Stablecoin USD Coin (USDC) lost its $1 peg and reached record low on Saturday. The development came after Circle, the company behind the stablecoin, revealed it has $3.3 billion of USDC reserves at the collapsed Silicon Valley Bank. The stablecoin later recovered most of its losses after Circle said USDC will remain "redeemable 1 for 1 with the US dollar".