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Stablecoin issuer Circle to transfer $3.3 billion in cash held at Silicon Valley Bank to BNY Mellon

Por: MarketWatch Business March 13, 2023

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The $3.3 billion in cash held at Silicon Valley Bank makes up about 8% of USDC’s more-than-$40 billion reserves, Circle said Saturday.  USDC , which is supposed to maintain a one-to-one peg against the U.S. dollar, rebounded to 99 cents on Sunday after the cryptocurrency fell to as low as 86 cents on Saturday, according to CoinDesk data. Investors cashed out more than $2.6 billion of USDC in the 24 hours up to 3 a.m. Saturday. Crypto market... + full article



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