Some Crypto Funds Confident Of USDC Recovery Amid SVB Contagio | Crypto Coffee Can
Some Crypto Funds Confident Of USDC Recovery Amid SVB Contagion
The cryptocurrency market displayed signs of recovery amid concerns of liquidity issues stemming from the failure of two US banks —Silvergate and Silicon Valley Bank. But the depegging of USD Coin (USDC) is reminiscent of the Terra stablecoin terraUSD (UST) in 2022. The USDC stablecoin had at one point lost 12 cents of value owing to its exposure to the Silicon Valley Bank. Circle, the USDC operator, said it has exposure to around $3.3 billion of stablecoin reserves in the bank.
