USDC has been below $1 since last Friday after the Silicon Valley Bank announced its closure. This has caused a lot of concern for investors in the crypto market. Most of the Silicon Valley Bank and USDC news has been covered on social media.
The USDC situation is quite likely to affect the crypto market as USDC is the most active stablecoin in the crypto market after USDT.
However, it looks like the USDC situation is getting better. As of right now, the price of USDC is starting to stabilize at 1 USDC per US dollar, according to CoinGecko. In fact, the USDC price should stay pegged at 1:1 as it is a token. Stablecoin, but fortunately, Silicon Valley Bank will continue to refund customers despite the shutdown.
Earlier, it was reported that more than $1 billion worth of USDC had been withdrawn as of Friday morning since Silicon Valley Bank (SVB), one of Circle’s banking partners, was shut down by the government. In this case, it seems that the USDC price is below USD 1 as well.
Silicon Valley Bank in the UK appears to be offering to buy HSBC as well to help UK startups, and it’s reported that Silicon Valley bank depositors will have “full” access on Monday. regulators confirm
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