Silicon Valley Bank fallout: A breather as USDC jumps back to $1 peg

Circle said it's possible "SVB may not return 100 per cent and that any return might take some time"

Crypto’s second-largest stablecoin rebounded toward its intended $1 dollar peg as issuer Circle Internet Financial. pledged to cover any shortfall in $3.3 billion of reverses held at collapsed Silicon Valley Bank. USD Coin (USDC), a key plank in crypto markets, rose as high as $1 and was trading at 98.2 cents as of 10:50 a.m. Sunday in Tokyo. The coin had earlier fetched less than 85 cents in a depeg that sent a shudder through digital assets.
 

Circle reiterated its stablecoin, also known as USDC, is fully backed by $42.1 billion in cash and US Treasuries. The company said outbound