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
It's been a tumultuous week for the world's second-largest stablecoin, USDC, after one of crypto's key banking on-ramps collapsed.
Stablecoins are billed as a less volatile way for investors to enter and exit the digital asset ecosystem because they're backed by real-world assets like US dollars and short-term government debt. They are designed to trade at $1. Circle reiterated that its stablecoin is fully backed and that the $3.3 billion USDC reserve deposits held at SVB will be fully available on Monday. On Sunday, the Federal Reserve, US Treasury, and Federal Deposit Insurance Corporation said that the government will also step in so that depositors of SVB will have access to their money.
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