Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan.: Hodler’s Digest, March 5-11

by Aurelia Butler 11 March 2023, 22:00 179 Views

USD Coin (USDC) issuer Circle confirmed that $3.3 billion of its $40 billion USDC reserves remain at Silicon Valley Bank, triggering a sell-off that resulted in the stablecoin falling below $1. The stablecoin ecosystem felt an immediate impact as USDC depegged from the U.S. dollar, with major stablecoin depegging from the U.S. dollar as a consequence, including DAI, USDD and FRAX. The USDC price was slowly re-pegging on late Saturday after turbulent trading hours. Circle plans to cover missing liquidity in SVB with corporate funds.

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Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan.: Hodler’s Digest, March 5-11

UK finance minister and Bank of England work to contain SVB fallout

Silicon Valley Bank employees received bonuses hours before government takeover

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