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Circle to ‘Cover Any Shortfall’ in USDC Reserves, Sparking Stablecoin Rally

Circle to 'Cover Any Shortfall' in USDC Reserves, Sparking Stablecoin Rally
The company plans to use corporate resources to fill the gap, including external capital.
Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan.: Hodler's Digest, March 5-11
Bank run on Silicon Valley Bank, USDC depegged from U.S. dollar and FTX's bankruptcy expenses hit $34 million in January.
Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount
Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency.
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