An undisclosed portion of USDCโs cash reserves are parked at the now-failed bank, leading to concern that money backing the stablecoin is now stuck. Stablecoins like USDC are a key part of the crypto industryโs foundation, and when they stray far from $1 (or whatever fiat asset theyโre pegged to) that suggests concern about their financial footing.
USDC Stablecoin Depegs From $1; Circle Says Operations Are Normal
