$USDC Among them, USDC is backed by real assets including U.S. Treasury bonds and cash. Circle - the issuer of the USDC, stated that they have $3.3 billion in cash reserves held at Silicon Valley Bank (SVB).

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