Will USDC regain $1 peg after SVB deposit is available?

USDC nearly regains $1 peg after Circle says SVB deposit is available Circle, which issues USD Coin (USDC), said that the $3.3 billion it held with the now-collapsed SVB will be "fully available" on Monday when U.S. banks open.

What happened to USDC after SVB shutdown?

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. USDC has a market cap just north of $40 billion.

Could USDC's smattering of cash at SVB be a problem?

If Circle did have more than a smattering of cash at SVB, concerns could mount that the backing of USDC may no longer be complete and instead be more fractional than is needed for a stablecoin to remain steady. Two banks that USDC mentioned using, SVB and Silvergate, made headlines this week for separate but similar reasons.

Why did USDC mention SVB & Silvergate?

Two banks that USDC mentioned using, SVB and Silvergate, made headlines this week for separate but similar reasons. SVB was on Friday after the bank announced on Wednesday that it on the sale of U.S. treasuries and mortgage-backed securities that it invested in, owing to rising interest rates.