Stablecoin USDC rises back toward $1 as $3.3 billion in Silicon Valley Bank to be made available following fears uninsured deposits could be lost

Mon, 03/13/2023 - 11:00

USDC was close to regaining its peg to the dollar on Monday after breaking below that level amid SVB's collapse.
Stablecoin issuer, Circle, said it had $3.3 billion in cash reserves at the bank.
Those funds would be made fully available after the government's bailout of depositors over the weekend.

It's been a tumultuous week for the world's second-largest stablecoin, USDC, after one of crypto's key banking on-ramps collapsed.

The USD coin lost its dollar peg after its issuer, Circle, said it had $3.3 billion in cash reserves held at the fallen Silicon Valley Bank (SVB). USDC was rising back to $1 after trading as low as $0.86 over the weekend on fears that uninsured deposits could be lost.