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The Aftermath: What Happened to USDC?

308 Views14 Mar 2023 09:45
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SUMMARY
  • 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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  • The Aftermath: What Happened to USDC?
    14 Mar 2023
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