Circle CEO and co-founder, Jeremy Allaire, confirmed the $3.3 billion worth of USD Coin (USDC) reserves held with Silicon Valley Bank have been accessed, but not before the stablecoin lost ground to its main competitor Tether (USDT).
Highlights
- USD Coin (USDC) briefly de-pegged following news that $3.3 billion of its cash reserves were stuck on Silicon Valley Bank.
- The stablecoin’s dollar peg has since recovered, but mass redemptions of USDC have resulted in the market cap of the stablecoin dropping by nearly 10% since March 11.
- USDC peer Tether (USDT) has recorded a slight increase in its market cap since the same time period, climbing by over 1% to $73.03 billion.
- Circle CEO and co-founder Jeremy Allaire says that since March 13, the stableco issuer has been “able to access” its funds held with the collapsed bank.
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