One of the largest American banks, Silicon Valley, recently went bankrupt. It happened to be one of the strongest bank failures in the United States since the 2008 financial crisis. Silicon Valley has served many technology and cryptocurrency companies, including Circle, the firm behind the USD Coin ($USDC).
Circle reported that some of the reserves supporting the bank were stored in Silicon Valley. This news gravely affected $USDC, and as a result, the stablecoin lost its peg to the dollar and fell by about 10%. It provoked massive chaos in the crypto market.
What should you do?
Due to volatility, the price of USDC varies greatly from exchange to exchange. Amid the panic, everyone rushed to exchange USDC. However, they lose their benefits and money because of the rush. Don’t waste time looking for the perfect rate: ChangeHero will do it for you!
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