USDC Depeg / Circle Megathread

USDC / Circle has confirmed that they have exposure to Silicon Valley Bank which failed yesterday. Their exposure is disclosed at $3.3 Bn

As a result, USDC has currently depegged and is trading at 90c to a dollar. Circle have suspended USDC USD conversions, as per their latest statement.

Articles:

https://www.bloomberg.com/news/articles/2023-03-10/binance-tether-say-no-svb-exposure-while-circle-stays-mum

https://www.coindesk.com/markets/2023/03/11/usdc-stablecoin-and-crypto-market-go-haywire-after-silicon-valley-bank-collapses/

Use this megathread to discuss this event. All threads on this topic will be removed and directed to this megathread.

Updates:

Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank.

https://twitter.com/jerallaire/status/1635114973830725633?s=20

Updates:

Update on the situation from Jeremy Allaire of Circle: https://twitter.com/jerallaire/status/1634649346535833601?s=20

FDIC page on SVB: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html