Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed some of the reserves backing it were held at Silicon ...

Cryptocurrencies acting as dollar surrogates neared their pegs after U.S. regulators said they would backstop all Silicon Valley Bank depositors. The announcement calmed worries that a portion of ...

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The coin, which broke its 1:1 dollar peg and fell as low as $0.88 shortly after 0800 GMT (3 a.m. EST) on Saturday, according to market tracker CoinGecko, recovered to trade around $0.97 by 2100 GMT.

In the early Saturday morning hours, the Silicon Valley Bank (SVB) failure caused USDC to de-peg from $1. The price dipped to almost $0.88 before recovering to around $0.96 at the time of writing.

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 Circle-issued USDC stablecoin regained its peg to the U.S. dollar after falling below the $1 value it was supposed to hold late Friday hours after Silicon Valley Bank was shuttered by state ...

Coinbase, Binance Suspend USDC Conversions as Dollar Peg Wobbles. Jason Nelson . ... The firm said Silicon Valley Bank is one of six banks Circle uses for managing 25% of USDC reserves.

The abrupt collapse of Silicon Valley Bank has affected the value of USD Coin, ... As a stablecoin, the value of USDC is supposed to remain stable thanks to its peg to the US dollar.

Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed some of the reserves backing it were held at Silicon ...

Stablecoin USD Coin (USDC) lost its dollar peg and slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed some of the reserves backing it were held at Silicon ...