The Silicon Valley Bank collapse on March 10 has sparked fear, uncertainty and doubt across the crypto community.
Cosmos governance has approved the v9-Lambda upgrade, including interchain security and possibly kicking off a “virtuous real yield cycle.”
According to Circle, USDC liquidity operations will “resume as normal when banks open on Monday morning in the United States,“ enabling USDC redemption at 1:1 with the U.S. dollar.
Bank run on Silicon Valley Bank, USDC depegged from U.S. dollar and FTX’s bankruptcy expenses hit $34 million in January.
Given Silicon Valley Bank’s direct involvement in destabilizing USDC prices, CZ blamed banks for increasing the risks of stablecoins.
Bitcoin is trying to sustain above $20,000 and if it succeeds, ETH, MATIC, TON and OKB may witness a strong recovery.
Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the U.S. dollar.
Bitcoin recovers from the depegging of USDC, the second-largest stablecoin, from the U.S. dollar.
While the crypto market responded with a massive sell-off, not all USDC investors were lucky enough to walk away with their funds amid the uncertainty.