Some traders bet on a gradual recovery to the $1 mark, buying the relatively cheap USDC for a potential 10% gain should the token return to its peg. stablecoins siliconvalleybank usdc cryptonews
Elsewhere, Maker’s decentralized stablecoin dai also depegged from its intended $1 mark on Saturday amid market stress, CoinDesk reported. It hit an all-time low of 88 cents.
Friday’s collapse of Silicon Valley Bank caused a market-wide drop for cryptocurrencies in the past 24 hours as traders found some of the industry’s major players had exposure to the bank. These players included U.S.-based stablecoin issuer Circle held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank as of Jan. 17, according to the firm's latest attestation.
A Circle spokesperson said late Friday that SBV was one of the six banks that the firm used"for managing the approximately 25% portion of USDC reserves held in cash."
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