> ## Content Index > Fetch the complete content index at: https://altcoininvestor.com/llms.txt > Use this file to discover other available public pages before exploring further. # Stablecoin USDC Slipps off dollar peg after revealing $3.3B Silicon Valley Bank Exposure - URL: https://altcoininvestor.com/stablecoin-usdc-slipps-off-dollar-peg/ - Published: 2023-03-12T02:08:50.000Z - Updated: 2023-03-12T02:08:50.000Z - Description: USDC lost its dollar peg and hit an all-time low on Saturday after Circle, the U.S. firm behind the coin, revealed that some of the reserves backing it were held at Silicon Valley Bank. - Author: Richard Knight - Tags: Latest Crypto News Stablecoin USD Coin (USDC) lost its dollar peg and hit an all-time low on Saturday after Circle, the U.S. firm behind the coin, revealed that some of the reserves backing it were held at Silicon Valley Bank. Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. The coin broke its 1:1 dollar peg and fell as low as $0.88 in the morning on Saturday and slighly recovered to $0.90 by midday. The depeggin is a result of the Silicon Valley Bank collapse, which occured on Friday. It s being touted as the largest U.S. bank failure since the 2008 financial crisis. Circle said in a tweet on Friday that it and USDC "continue to operate normally" while the firm waits for clarity on what will happen to Silicon Valley Bank depositors. > Silicon Valley Bank is one of six banking partners Circle uses for managing the \~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. > > — Circle (@circle) [March 10, 2023](https://twitter.com/circle/status/1634341007306248199?ref%5Fsrc=twsrc%5Etfw)