Stablecoin assets depegged from their $1 parity on March 11, 2023, after Circle Financial revealed that Silicon Valley Bank controlled $3.3 billion of the cash-backed USD coin (USDC) (SVB). Due to this, USDC’s peg to the US dollar has broken, and on Saturday, it reached a low of $0.877 per coin. Trades in USDC have been halted on a number of significant cryptocurrency exchanges, including Binance and Coinbase, while Bitpay has stopped accepting USDC payments and debit card loading. Five various stablecoin initiatives have experienced depegging issues as a result of this.
USDC StablecoinDepegging Causes Concern Among Crypto Advocates, 5 Other Stablecoins Slip Below Parity
