Stablecoins are called cryptocurrencies, and the exchange rate tries to stabilize, for example, by quoting ordinary currencies. But, as it turned out, there is nothing quite stable on the market. USD Coin (USDC) started trading at around $0.9.
The fact is, USDC issuer Circle holds $3.3 billion in reserves at Silicon Valley Bank (SVB). But on Friday, the California Department of Financial Protection and Innovation closed SVB for “lack of liquidity and bankruptcy.”
Source: Ferra
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