USDC Stablecoin Falls to 87 Cents After Circle Discloses Exposure to Silicon Valley Bank
1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.
— Circle (@circle) March 11, 2023
A stablecoin’s peg is not truly determined by the price on an exchange.
It is determined by the ability to redeem directly from the issuer 1 for 1.
That will be the question this week. Can people redeem directly from Circle?
— The Wolf Of All Streets (@scottmelker) March 11, 2023
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(USDC Stablecoin Falls)