Following a significant sell-off, the worldwide digital asset market experienced a widespread rebound on Saturday morning, with Bitcoin and Ethereum prices increasing by 3% and 5%, respectively. Nonetheless, the top stablecoins, namely USDC, DAI, and USDD, suffered significant de-pegging, as the crypto market remains haunted by the Silicon Valley Bank crisis.
USDC To Fall Amid Market Crash？
According to the data, USD Coin (USDC), the second-largest stablecoin, has experienced an 11% drop in its value pegged to the US dollar in the past 24 hours. At the time of writing, USDC is trading at an average price of $0.912. Its 24-hour trading volume has surged by 321% to reach $18.54 billion as it continues to deviate from its fixed $1 value.
According to a statement by Circle, the issuer of USDC, Silicon Valley Bank is one of their six banking partners. However, they only use these banks to manage 25% of the USDC reserves held in cash. The Circle is still awaiting clarity on how the Federal Deposit Insurance Corporation's (FDIC) receivership of SVB will affect its users.
Besides USDC, DAI, an Ethereum-based stablecoin, is also experiencing de-pegging issues during the current crisis. DAI's dollar-pegged value dropped by 10% over the past day and is currently trading at an average price of $0.904.
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