In today’s briefing:
- The Aftermath: What Happened to USDC?
The Aftermath: What Happened to USDC?
- In the hours following Sillicon Valley Bank’s collapse, news emerged that Circle, issuer of the USDC stablecoin, held $3.3bn of reserves in SVB, triggering panic that the stablecoin was no longer fully backed.
- As of Sunday night, we know that Circle’s reserves are safe, but over the weekend both centralized and decentralized markets descended into chaos.
- Today, we’ll walk you through what exactly happened.
💡 Before it’s here, it’s on Smartkarma
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