USDC, crypto rallies on news that SVB, Signature Bank deposits are safe

USDC, crypto rallies on news that SVB, Signature Bank deposits are safe

Crypto markets rallied after regulators said both SVB and Signature Bank reserves would be returned, while USDC nearly regained its peg.

USDC and Cryptocurrencies Advance on News That SVB and Signature Bank Deposits Are Secure

The news that all deposits made with Silicon Valley Bank and Signature Bank will be completely returned to customers caused USDC to almost regain its peg, and c

USDC, crypto rallies on news that SVB, Signature Bank deposits are safe

USDC nearly regained its peg and cryptocurrencies rallied on the news that all Silicon Valley Bank and Signature Bank deposits will be fully returned to customers. The stablecoin was trading at $0.99 as of 7:37 pm ET on Sunday after losing its peg on Friday after its issuer Circle announced that it had $3.3 billion of USDC reserves stuck at SVB. Circle Chief executive Jeremy Allaire said on Twitter that "100% of deposits from SVB are secure and …