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USDC Depeg – Everything We Know So Far as Contagion Spreads From TradFi Banking

What we know so far about the SVB collapse and USDC/DAI depeg (updated):

  • Crypto firm Circle reveals $3.3 billion stuck in SVB
  • DAI/USDC depeg as stablecoin pressure continues after Silicon Valley bank collapse
  • Binance suspended USDC conversions due to volatile market conditions
  • Coinbase suspended USDC conversions “over the weekend while banks are closed”
  • SVB contagion: crypto firms hurt include BlockFi, Circle, and Avalanche
  • Circle $1 billion in net redemptions since the SVB collapse
  • On Saturday, March 11, during Asian afternoon hours, DAI, the decentralized stablecoin of MakerDAO, reached its lowest value ever at 0.88 cents
  • Contagion is thought to be part of “Operation Choke Point,” a remnant from Obama-era Justice department policy
  • Tether, the stablecoin USDT, surged momentarily on news it is unaffected by SVB
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