Re: USDC. Circle is affected by 3. 3B held in backing in SVB.
11 Mar 2023, 10:26
Re: USDC
Circle is affected by 3.3B held in backing in SVB. However, the rest of the 90% in backing is in other banks or cash or cash equivalents. They also have a healthy relationship with the US Gov't.
We will wait until monday if any new information comes out.
A strong reason for why it is currently at $0.90 is because Coinbase halted USDC:USD conversions this weekend. Not sure how they were able to fulfill those before as most banks don't operate on weekends. Once conversions resume Monday, we should see things going back to normal.
-APR Master