The Aftermath: What Happened to USDC?
417 Views14 Mar 2023 01:45
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- 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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