In brief:
USDC stablecoin loses its peg to the U.S. dollar and drops as low as $0.88 following the collapse of Silicon Valley Bank.
Tether maintains its peg while other stablecoins see minor drops.
Circle’s $3.3 billion held at Silicon Valley Bank amounts to 8.25% of its $40 billion reserves.
Frax, a decentralized stablecoin partly backed by USDC, also depreciates to $0.90.
The fallout from the collapse of Silicon Valley …
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