USD Coin value falls after revealing $3.3bn held at Silicon Valley Bank
by Edward Helmore and agencies from Technology | The Guardian on (#69PSF)
The stablecoin fell as low as $0.87 as Circle broke the news that its reserves were at the collapsed lender
The value of the world's fifth-biggest cryptocurrency, USD Coin (USDC), slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed that $3.3bn of the reserves backing it were held at Silicon Valley Bank.
USDC is a stablecoin - cryptocurrencies designed to maintain a stable value - USDC's value is supposed to mimic the dollar. But the coin broke its 1:1 dollar peg and fell as low as $0.87 on Saturday morning.
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