Crypto giant Circle survived a harrowing weekend that saw its flagship USDC stablecoin break its peg to the dollar, falling below 90 cents early on Saturday before a series of moves by banks and regulators restored confidence in the token. As of midnight Sunday, USDC had recovered and was trading at near exact parity with the U.S. dollar.
On Sunday night, Circle put out a press release confirming that $3.3 billion in SVB deposits—which were part of the reserves that back the USDC coin—were safe, and that the token remains redeemable 1:1 with the dollar.
