$USDC Sometimes a stablecoin is anything but. When Silicon Valley Bank collapsed in March of last year, crypto company Circle Internet Financial Ltd. had $3.3 billion of cash reserves backing its USD Coin parked in the bank and couldn’t get it out. Stablecoins are crypto tokens whose value is typically pegged to a currency such as the US dollar. They offer a way for traders to quickly move between more volatile coins and something approximating cash or a way to hold or send money without using a bank. They can track a normal currency in a variety of ways—chiefly by holding assets such as cash or government bonds to support the value of the coin.