The USDC cryptocurrency has lost its peg to the dollar amid the bankruptcy of Silicon Valley Bank
This comes after stablecoin issuer Circle announced that it held $3,3 billion (of its approximately $40 billion) in SVB. USDC is currently trading at around $0,9, with a number of major exchanges suspending some trading in it.
SVB was one of the 16 largest US banks and specialized in working with startups. It became the largest bankrupt bank in the last 15 years since the 2008 crisis, writes Bloomberg. Last year, SVB was valued at more than $40 billion.
The US Treasury said the situation is under control. “Our banking system is fundamentally different from what it was in 2008,” said a department spokeswoman.
Source: Telegram channel “Varlamov News”
