Varbidex – Stablecoin USDC has returned to its dollar peg after issuing coin Circle pledged to pay back $3.3bn it held at the bankrupt Silicon Valley Bank, CNBC reports.
USDC is a type of cryptocurrency called Stablecoin, which has been pegged one-to-one to the US dollar. It is backed by real assets, including US Treasury bonds and cash, and is the second-largest stackablecoin after Tether, the head of Varbidex says.
Varbidex said last week that $3.3bn of its cash reserves were in SVB. According to CoinDesk, USDC lost its peg to $1 after the bank collapse, falling to 86 cents.