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Overnight collapse of two traditional banks triggers chaos
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blockchain.newsOn March 11, the financial world was rocked by the sudden collapse of two major traditional banks, Silicon Valley Bank and Signature Bank.
This triggered a series of events that impacted millions of businesses, venture capitalists, and bottom-line investors alike.
One of the most significant effects of this collapse was the depegging of several stablecoins, including USD Coin (USDC), USDD (USDD), and Dai (DAI), from the U.S.
dollar. Circle, the company that issues USDC, announced that $3.3 billion of its $40 billion reserves were stuck in SVB, causing the depegging of the stablecoins.
Read more on blockchain.newsAbout this in other media
Collapse of Silvergate and Silicon Valley Bank represent a challenge for crypto cointelegraph.com /4 days ago
US lawmaker suggests Signature's collapse was tied to instability of crypto cointelegraph.com /4 days ago
Janet Yellen Says Banking System Is Healthy After SVB Collapse wsj.com /4 days ago
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