Circle, one of the biggest issuers of stablecoins, says it had $3.3bn of reserves with the Silicon Valley Bank
The digital-asset market is coming off of a turbulent year featuring a number of high-profile blow-ups. Now, two shutdowns in the banking industry — SVB Financial’s Silicon Valley Bank and Silvergate Capital — have set off a fresh set of stresses.
SVB’s failure triggered a knock-on effect in the crucial market for stablecoins after digital-asset giant Circle Internet Financial, one of the biggest issuers of the widely used tokens known for their perceived safety, revealed it had $3.3bn of reserves with the bank. The news caused Circle’s token, USD Coin, to slip below its intended 1-for-1 peg with the dollar, sending a shock through the market...
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