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#SVB Bankruptcy and $USDC Unpegged Incident
1/7 #Circle, an issuer of $USDC, announced on Mar 10th that #SVB, where they held their funds, had gone bankrupt. This leaves $3.3B collateralized in $USDC locked up. Upon this news, $USDC plunged more than 10%.
1/7 #Circle, an issuer of $USDC, announced on Mar 10th that #SVB, where they held their funds, had gone bankrupt. This leaves $3.3B collateralized in $USDC locked up. Upon this news, $USDC plunged more than 10%.
2/7: However, #Circle had previously disclosed the amount of reserve it held in $USDC, and currently, only 8.2%($3.3B out of $40B) was tied up in #SVB.
3/7: By using the #FDIC recovery process as a guide, it's expected that the payout rate will be around 94%, indicating an estimated loss of approximately $200M.
