USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Financial institution Collapses

USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Financial institution Collapses

Crypto was born within the aftermath of – and, to some, in response to – the 2008 disaster. Satoshi Nakamoto’s Bitcoin paper debuted right into a world the place governments had simply propped up the monetary system by pouring cash into it. Crypto lacks such a centralized authority. If SVB prospects, together with Circle and its USDC stablecoin, are pressured to take a haircut on their cash, the repercussions are unclear.

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