Yes this is because of SVB

  • happybadger [he/him]
    ·
    2 years ago

    https://www.reuters.com/business/crypto-firm-circle-reveals-33-bln-exposure-silicon-valley-bank-2023-03-11/

    Stablecoin USDC breaks dollar peg after revealing $3.3 billion Silicon Valley Bank exposure

    $3.3b. Lmao.