Crypto firm Circle reveals $3.3 bln exposure to Silicon Valley Bank
20 Articles
20 Articles
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…
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.
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