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Why USDC Stablecoin Down From $1 to $0.90 | Crypto News | Silicon valley


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USDC/USDT dropped as low as $0.90 coinmarketcap , its lowest level since April 2021. Silicon vally stuck around $3.3B usdc .


Circle Internet Financial’s USDC stablecoin, which is the second-largest stablecoin at $42 billion of market cap, depegged from the U.S. dollar as contagion from the collapse of Silicon Valley Bank spreads.

The USDC/USDT trading pair dropped as low as $0.94 on Kraken, the lowest price since April 2021. It recovered to about $0.984 as of 02:54 UTC on Saturday.

USDC is meant to maintain a 1-to-1 peg with the U.S. dollar, but worries about the impact of Silicon Valley Bank’s failure drove it down from $1 on Friday.



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An undisclosed portion of USDC’s cash reserves are parked at the now-failed bank, leading to concern that money backing the stablecoin is now stuck. Stablecoins like USDC are a key part of the crypto industry’s foundation, and when they stray far from $1 (or whatever fiat asset they’re pegged to) that suggests concern about their financial footing.

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