USDC Loses Peg After Circle Says It Is Holding $3.3 Billion of Cash Reserves at SVB

On Friday (March 10), Californian regulators closed Silicon Valley Bank (SVB) — due to a capital crisis and a bank run — and placed it under the control of the US Federal Deposit Insurance Corporation (FDIC). SVB has $175 billion in deposits, 89% of which is uninsured.