➀ 2023.3.10 | SVB Bank ceased operations

The California Department of Financial Protection and Innovation (DFPI) announced the closure of SVB Bank, judging the bank to be insolvent and facing a liquidity crisis, with the Federal Depository Insurance Corporation (FDIC) as the bankruptcy administrator

➁ 2023.3.10 | 8:40 USDC begins to unanchor

Circle previously stated that Silicon Valley Bank is one of six banks it partners with and is responsible for managing 25% of its cash reserves.

➂ 2023.3.10 | 11:20 USDC depegged to 0.93 USDT

Circle tweets $3.3 billion of $40 billion in reserves are held at SVB Bank, calls for keeping running