US Dollar Coin, the No. 2 stablecoin by market cap, designed to remain always priced at $1, is currently trading at 91 cents, according to data on both CoinMarketCap and CoinGecko.

It fell as low as 87 cents overnight, below its prior all-time-low of 89 cents in May 2019. On Saturday morning, it had begun to recover.

The depegging happened after Circle, the issuer of USDC, disclosed on Friday night that some $3.3 billion worth of the cash reserves that back USDC remain held at Silicon Valley Bank, which was shut down by California financial regulators this week after a bank run.

Even before that disclosure, major crypto exchanges Binance and Coinbase took action, announcing they would temporarily suspend USDC conversions amid the panic. That means customers with USDC held on those exchanges cannot get it out or convert it to something else, and are nervously waiting to hear more from Circle or see USDC regain its peg.

USDC’s depegging has also triggered depegging by other notable dollar-pegged stablecoins: DAI (which Go to Source to See Full Article
Author: Daniel Roberts

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