USDC Stablecoin Repegged To $1, Boosting Your Crypto Portfolio
The Circle USDC stablecoin has regained its peg and is now trading at $1 following its exposure to the closure of Silicon Valley Bank. Circle company’s exposure to SVB Financial, the Circle-issued stablecoin plummeted in value on Friday. The FDIC sale of SVB’s assets will provide uninsured depositors with a dividend, which should be a positive for depositors as 90% of funds held in Silicon Valley Bank were uninsured.
Coincu initially reported on the stablecoin’s recovery after the bank failure last week. Meanwhile, the Federal Reserve announced that it would make all depositors affected by the SVB closure whole, and those depositors now have access to funds.The Silicon Valley Bank closure is one of the most concerning developments in the financial sector in recent years. However, the US government is intervening to protect depositors from the potential fallout of the largest banking failure since 2008. After users learned of the Circle company’s exposure to SVB Financial, the Circle-issued stablecoin plummeted in value on Friday. The company acknowledged holding around $3.3 billion of funds backing USDC in the now-closed bank, representing approximately 8% of the overall funds.
Source
https://t.me/Bitcoin_Crypto_Coin_Calendar
