On March 1, 2023, the second largest stablecoin by market capitalization, USD Coin (USDC), decoupled from the price of its underlying asset — the US dollar — following the closure of the crypto-friendly bank Silicon Valley Bank (SIVB). The depeg occurred against the backdrop of news that the issuer of the "stablecoin" — the company Circle — held $3.3 billion in token reserves at the troubled bank.