$USDC $USDC

In which, USDC is backed by real assets including US Treasury bonds and cash. Circle - the issuer of USDC, stated that they have 3.3 billion USD in cash reserves deposited at Silicon Valley Bank (SVB).

SVB's closure last weekend was the largest bank failure in the US since the financial crisis of 2008. Following this incident, USDC lost its fixed exchange rate peg to the USD.