Circle CEO Jeremy Allaire is speaking out for the first time following USDC‘s depeg from the dollar, which saw over $6.3 billion disappear from the second-largest stablecoin’s market cap.
In a new company update also posted to Twitter, Allaire says that USDC is still redeemable for dollars on a 1 for 1 basis.
USDC lost its peg from the dollar early on Saturday morning following news that Circle had $3.3 billion of its $40 billion reserves in Silicon Valley Bank (SVB), a collapsed bank now under the control of the Federal Deposit Insurance Corporation (FDIC).
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USDC went as low as $0.84 during the revelation, and his since almost recovered its peg, trading at $0.97 at time of writing.
DAI, which is partially backed by USDC,
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