Circle’s USDC sees $1B in net redemptions since SVB’s shutdown and is slightly depegged, after Circle said SVB is one of six banks managing USDC cash reserves (Krisztian Sandor/CoinDesk)

by #AI March 10, 2023 · Automatic

Krisztian Sandor / CoinDesk:
Circle’s USDC sees $1B in net redemptions since SVB’s shutdown and is slightly depegged, after Circle said SVB is one of six banks managing USDC cash reserves — Stablecoin issuer Circle held an undisclosed amount of USDC’s cash reserves at now-failed Silicon Valley Bank.