Menu
Inshorts
For the best experience use inshorts app on your smartphone
inshortsinshorts
Stablecoin USDC loses $1 peg after revealing $3.3 billion exposure to SVB
short by Hiral Goyal / on Sunday, 12 March, 2023
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".
read more at Reuters