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.
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