The second-largest stablecoin, USDC, lost its peg to the U.S. dollar over the weekend after it was revealed part of the stablecoin’s reserves were at Silicon Valley Bank. The peg has now nearly been restored after US regulators announced measures to safeguard all depositors at Silicon Valley Bank and Signature Bank after their recent closures.
Autoritățile de reglementare din SUA au asigurat protecție deplină pentru deponenții de la Silicon Valley Bank, după ce aceasta a fost închisă săptămâna trecută și plasată sub controlul Federal Deposit Insurance Corporation (FDIC).
A declarație comună, by the US Treasury Department, the Federal Reserve, and the FDIC reads:
“Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law. Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.“
Per the statement, shareholders and unsecured debtholders won’t be protected, while senior management at both Silicon Valley Bank and Signature Bank has been removed.
Depositors are set to have access to all their money from today, March 13, with no losses associated with the resolution of the banks being borne by taxpayers. $3.3 billion of USDC’s reserves were kept at Silicon Valley Bank.
Over the weekend, USDC lost its peg to the US dollar, as the crisis was heightened by a Anunțul Coinbase saying USDC conversions to USD wouldn’t be processed over the weekend.
Since regulators stepped in USDC has been recovering its peg, going from a low below the $0.90 mark to around $0.99 at the time of writing.
