#Silicon Valley Bank went bankrupt causing USDC to continue to depeg#

#Silicon Valley Bank went bankrupt causing USDC to continue to depeg#

On March 11, Circle tweeted that Silicon Valley Bank, one of six banking partners that Circle uses to manage about 25% of its USDC cash reserves, is currently awaiting the development of a takeover by the U.S. Federal Deposit Insurance Corporation (FDIC). The news caused investors to panic, and USDC has continued to lose its peg.

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