Published by
The Street
The Street
By Luc Olinga The fifth largest cryptocurrency by market value lost its dollar peg after its issuer announced that it had around 8.25% of its $40 billion reserves locked in failed Silicon Valley Bank. The damage caused by the closure of Silicon Valley Bank, the second largest failure of a bank in U.S. history, continues to claim victims. This time, it is in the cryptocurrency industry, and it’s about USDC, or USD Coin, a coin issued by the firm Circle Financial. USDC is a stablecoin. In other words it is a token which is pegged to other assets, like the dollar, in an effort to limit its volati…