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Stablecoin USDC is going on its second consecutive day that it is under its dollar peg by more than 6 cents following the announcement by Circle revealed that USDC has more than $3 billion in cash reserves inside Silicon Valley Bank.
At present, USDC is priced at .94 which is an increase of five cents from the earlier rate of 89c last Saturday.
Here’s an illustration of how bad UDC’s problems are:
The stablecoin that is a competitor to USDT is not having any issues whatsoever.
Tether has been reported as having no relationship with Silicon Valley Bank at all and, as a result, Tether has remained on its peg, and is currently at$1.01.
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