Once the news of the failure of Silicon Valley Bank, the most prominent financial institution in the United States, spread around the country, the top-tier stablecoin USDC faced a de-pegging problem and set a new all-time low as it dropped below $0.9.
The impetus for the decline began when the stablecoin issuer Circle reported that it had deposited $3.3 billion with the bank that has now gone out of business, Silicon Valley Bank.
Compiled by Coinbold
