On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) trading sessions on Saturday.
Major Crypto Exchanges Suspend USDC Trades as Concerns Mount
On March 11, 2023, stablecoin assets are having a rough day after Circle Financial announced that $3.3 billion of the cash backing usd coin (USDC) was held at Silicon Valley Bank (SVB). This news has caused USDC to depeg from the U.S. dollar, dropping to a low of $0.877 per coin on Saturday. As of 7:45 a.m.
Trending: A Professor Abandoning A Spouse And Kids For A College Student Isn’t Brave, But Wicked
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!