USDC crashed due to Silicon Valley Bank collapse
Circle, the issuer of the USDC, stored $3.3 billion of its security in Silicon Valley Bank. Now that money is in danger of disappearing, which could lead to the collapse of the USDC.
Now there's a big demand in the market to sell USDC because of the increased risks, as a result the rate fell to $0.89, and the capitalization has already decreased by $5.4 billion.
Also the decentralized stabelcoin DAI ($0.91) lost its peg to dollar because it held collateral in USDC .
