https://techcrunch.com/2023/03/13/usdc-stablecoin-fed-regulation/

After USDC depegged from $1 last week, many in the crypto industry are questioning whether Silicon Valley Bank’s collapse will have bigger implications on the stablecoin ecosystem.

The supposedly stable stablecoin USDC initially depegged Friday and fell as low as 88 cents on Saturday due to uncertainty around the $40 billion USDC empire, the second largest stablecoin by market cap. Circle, the issuer of USDC, shared that $3.3 billion, or about 8.2%, of its total USDC reserves were held at SVB. Circle later announced that the reserve risk was “removed” since the funds became available on Monday morning.