Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank's Shutdown

Circle's USDC Endured $1B of Net Redemptions Since Silicon Valley Bank's Shutdown Stablecoin issuer Circle held an undisclosed amount of USDC's cash reserves at failed Silicon Valley Bank.   Coinbase Pauses Conversions Between USDC and US Dollars as Banking Crisis Roils Crypto Circle's USDC stablecoin was hit by the shutdown of Silicon Valley Bank, one of its key banking partners.   USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank At the time of writing, USDC lost 3% of its value as it traded at $0.969, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan.

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