SVB Collapse Rocks Crypto: Stablecoin USDC Loses Its Dollar Peg

Published by
The Street

By Luc Olinga The fifth largest cryptocurrency by market value lost its dollar peg after its issuer announced that it had around 8.25% of its $40 billion reserves locked in failed Silicon Valley Bank. The damage caused by the closure of Silicon Valley Bank, the second largest failure of a bank in U.S. history, continues to claim victims. This time, it is in the cryptocurrency industry, and it’s about USDC, or USD Coin, a coin issued by the firm Circle Financial. USDC is a stablecoin. In other words it is a token which is pegged to other assets, like the dollar, in an effort to limit its volati…

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