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The Guardian - US
The Guardian - US
Technology
Edward Helmore and agencies

USD Coin value falls after revealing $3.3bn held at Silicon Valley Bank

Silicon Valley Bank SVB United States Circle USDC CoinGecko
A photo illustration shows a person holding a smartphone that is displaying the logo for USD Coin.
USD Coin fell to an all-time low on Saturday morning after it was revealed it had $3.3bn in reserves at Silicon Valley Bank. Photograph: Rafael Henrique/SOPA Images/REX/Shutterstock

The value of the world’s fifth-biggest cryptocurrency, USD Coin (USDC), slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed that $3.3bn of the reserves backing it were held at Silicon Valley Bank.

USDC is a stablecoin – cryptocurrencies designed to maintain a stable value – USDC’s value is supposed to mimic the dollar. But the coin broke its 1:1 dollar peg and fell as low as $0.87 on Saturday morning.

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