Circle, the operator of one of the world’s largest stablecoins, has said $3.3bn of its reserves are trapped in Silicon Valley Bank, triggering a fall in the value of its token as the crypto market reels from the failure of two US banks this week.
The announcement from Circle overnight on Friday prompted the company’s USDC crypto token to lose its peg to the dollar.
US exchange Coinbase said it was temporarily pausing conversions between USDC and the US dollar. Rival exchange Binance also said it would pause automatic conversions of USDC to BUSD, a stablecoin that carries the Binance branding.
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