USDC / Circle has confirmed that they have exposure to Silicon Valley Bank which failed yesterday. Their exposure is disclosed at $3.3 Bn As a result, USDC has currently depegged and is trading at 90c to a dollar. Circle have suspended USDC USD conversions, as per their latest statement. Articles: https://www.bloomberg.com/news/articles/2023-03-10/binance-tether-say-no-svb-exposure-while-circle-stays-mum https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses/ Use this megathread to discuss this event. All threads on this topic will be removed and directed to this megathread. submitted by /u/MediumAdhesiveness5 [comments]
