Crypto firm Circle reveals $3.3 bln exposure to Silicon Valley Bank

Stablecoin USDC breaks dollar peg after revealing $3.3 billion Silicon Valley Bank exposure

Reuters Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed some of the reserves backing it were held at Silicon Valley Bank. Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank, the company said in a tweet Friday. The coin broke its 1:1 dollar peg and fell as low as $0.88 early Saturday, according to market t…

Stablecoin USDC breaks dollar peg after revealing $3.3 bln Silicon Valley Bank exposure

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Stablecoin USDC falls below $1, faces $3.3 billion exposure to Silicon Valley Bank

USDC, a stablecoin that is supposed to trade one-to-one against U.S. dollars, has fallen below $1 on Saturday, after creator Circle said it had over $3.3...

Crypto firm Circle reveals $3.3 billion exposure to Silicon Valley Bank

Traders have been watching this week for signs of contagion in the financial sector from developments surrounding startup-focused Silicon Valley Bank and Silvergate.

Crypto firm Circle reveals $3.3 billion exposure to Silicon Valley Bank

The stablecoin company's announcement comes after startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors.

Crypto firm Circle has $3.3B exposure to Silicon Valley Bank

The cryptocurrency firm Circle says that $3.3 billion of its $40 billion USD Coin reserves are held by Silicon Valley Bank, a lender that was shutdown on Friday.