Is USDC a stablecoin?

USDC is the second-largest stablecoin on the market, with a $43 billion circulating supply that is fully backed by government bonds and cash-like assets. According to Circle’s January reserve report, the firm held some $9.88 billion of cash deposited at regulated banks to back USDC’s value.

What happened to Silicon Valley Bank's $40 billion USDC stablecoin?

Silicon Valley Bank was one of the six banking partners where Circle held a part of the reserve assets backing its $40 billion USDC stablecoin. 1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.

How much cash is held at SVB?

In its March attestation, Circle had revealed that part of its $9.88 billion in cash reserves was held at SVB, although it did not disclose the total amount. Following the collapse of SVB, withdrawals from USDC mounted, with the crypto intelligence platform Nansen showing over $1 billion in redemptions from the stablecoin since SVB’s shutdown.

What happened to USD Coin after SVB collapse?

Circle, which issues USD Coin (USDC), said that the $3.3 billion it held with the now-collapsed Silicon Valley Bank will be "fully available" on Monday when U.S. banks open. After SVB's collapse, USDC lost its $1 peg, falling as low as 86 cents on Saturday. The broader cryptocurrency market rallied Monday as regulators stepped in.