USDC has slowly repegged to $0.95 apiece on the news.
Highlights
- According to Bob Elliot, chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of Silicon Valley Bank.
- Elliot claimed, among many items, that “big banks actively working on buying SVB business,” the U.S.
- Federal Deposit Insurance Corporation (FDIC) is planning to cover 95% of uninsured depositors to the acquirer, and that “50pct of uninsured paid out next wk” “Long term it’s likely they get 90%+ back and very possible no depositors loses a single $,” Hal Press, founder of investment firm North Rock LP, stated.
- Earlier today, USDC depegged from its one-to-one dollar peg to trade as low as $0.87 apiece before slowly re-pegging.
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