Stablecoin USDC has lost parity with the dollar after the collapse of Silicon Valley Bank (SVB) sparked a selloff of the asset. On Saturday, the 11th, the company that issues the currency, Circle, reported that it has $3.3 billion in blocked reserves at the Bank of California.
The value represents about 8% of the more than US$ 40 billion that the company holds. “Like other customers and depositors who rely on SVB for banking services, Circle joins the call for continuity for this important bank in the US economy and will follow guidance provided by state and federal regulators,” the company said on Twitter.
The episode represents yet another risk to the cryptocurrency industry, which has yet to fully recover from the effects of the FTX crash at the end of last year.
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