Circle’s stablecoin USD Coin (USDC) is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has new banking partners lined up at “banking open tomorrow morning.”
According to CoinGecko data, USDC is up 3.3% over the past 24 hours to sit at $0.99 at the time of writing.
USDC price chart. Source: CoinGecko
The price dropped to as low as $0.87 over the weekend amid concerns about $3.3 billion worth of USDC reserves being held at Silicon Valley Bank (SVB), which was shut down by the California Department of Financial Protection and Innovation on Mar. 10.
Circle also has an undisclosed amount of reserves stuck at the recently bankrupted Silvergate.
In a March 12 Twitter thread,
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