Cryptocurrencies
Crypto Exhales as USDC Stablecoin Rebounds Toward Peg After Being Roiled by SVB Exposure
- Circle’s USD Coin is the world’s second-largest stablecoin
- Around $3.3 billion in reserves held at Silicon Valley Bank
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Crypto’s second-largest stablecoin rebounded toward its intended $1 dollar peg as issuer Circle Internet Financial Ltd. pledged to cover any shortfall in $3.3 billion of reverses held at collapsed Silicon Valley Bank.
USD Coin, a key plank in crypto markets, rose as high as $1 and was trading at 98.2 cents as of 10:50 a.m. Sunday in Tokyo. The coin had earlier fetched less than 85 cents in a depeg that sent a shudder through digital assets.