USDC Depegs - Binance and Coinbase Halts USDC Trading
Due to the closure of Silicon Valley Bank, Circle, the provider of the USDC stablecoin, is under a lot of pressure (SVB).
Circle's confirmation that $3.3 billion was trapped in Silicon Valley Bank caused a sell-off, which caused USDC's value to fall below its $1 peg.
The second-largest stablecoin, USD Coin (USDC), had an 11% decline in its dollar-pegged value during the past day.
The cryptocurrency exchanges Coinbase and Binance have halted USDC due to the current extreme volatility.