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<p>USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.3 billion of its reserves in the now-collapsed Silicon Valley Bank (SVB).&nbsp;</p>

<p>USDC is a stablecoin, meaning its price is pegged to a reserve asset and in this case, the US dollar. However, after the revelation, the stablecoin broke its 1:1 dollar peg and fell as low as $0.87, before recovering to $0.90 at the end of the day.&nbsp;</p>

<p>According to a statement released by Circle, $3.3 billion of USDC's $40 billion reserves are held at the SVB.&nbsp;</p>

<p>"Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB," the company said in a tweet.&nbsp;</p>

<p>"Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators."</p>

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<p dir="ltr" lang="en">1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.</p>
— Circle (@circle) <a href="https://twitter.com/circle/status/1634391505988206592?ref_src=twsrc%5Etfw">March 11, 2023</a></blockquote>
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<p><a href="https://www.wionews.com/business-economy/silicon-valley-bank-crisis-what-led-to-stock-crash-whats-next-heres-everything-you-need-to-know-570568" target="_blank"><strong>Read more: Silicon Valley Bank crisis: What led to stock crash &amp; what's next. Here's everything you need to know</strong></a></p>

<p>Gavin Newsom, governor of California, where SVB is headquartered, released a statement in the aftermath saying&nbsp;he was in communication with the White House and monitoring the situation.&nbsp;</p>

<p>“Everyone is working with FDIC [Federal Deposit Insurance Corporation] to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy."</p>

<p><a href="https://www.wionews.com/videos/silicon-valley-bank-collapses-in-americas-biggest-banking-failure-since-2008-570853"><strong>WATCH |&nbsp;Silicon Valley Bank collapses in America's biggest banking failure since 2008</strong></a></p>

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<p>Notably, SVB collapsed on Friday, a mere 48 hours after the bank’s announcement, which not only led to an aggressive decline in its stock resulting in a market loss of over $80 billion but also spurred panic among depositors and clients.&nbsp;</p>

<p>It was the largest US bank failure since the 2008 financial crisis. The FDIC is now scurrying around to find another bank over the weekend that is willing to merge with SVB and stop the impending total collapse.&nbsp;</p>

<p><a href="https://www.wionews.com/business-economy/explained-how-silicon-valley-bank-crisis-unfolded-in-48-hours-570945" target="_blank"><strong>Explained | How Silicon Valley Bank crisis unfolded in 48 hours</strong></a></p>

<p><em>(With inputs from agencies)</em><br />
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<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.

USD Coin (USDC), a stablecoin and the world's fifth-biggest cryptocurrency slumped to an all-time low on Saturday after it was revealed that Circle, the US-based firm operating the coin had invested $3.3 billion of its reserves in the now-collapsed Silicon Valley Bank (SVB). USDC is a stablecoin, meaning its price is pegged to a reserve asset and in this case, the US dollar. However, after the revelation, the stablecoin broke its 1:1 dollar peg and fell as low as $0.87, before recovering to $0.90 at the end of the day. According to a statement released by Circle, $3.3 billion of USDC's $40 billion reserves are held at the SVB. "Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB," the company said in a tweet. "Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators." 1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB. — Circle (@circle) March 11, 2023 × Read more: Silicon Valley Bank crisis: What led to stock crash & what's next. Here's everything you need to know Gavin Newsom, governor of California, where SVB is headquartered, released a statement in the aftermath saying he was in communication with the White House and monitoring the situation. “Everyone is working with FDIC [Federal Deposit Insurance Corporation] to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy." WATCH | Silicon Valley Bank collapses in America's biggest banking failure since 2008 × Notably, SVB collapsed on Friday, a mere 48 hours after the bank’s announcement, which not only led to an aggressive decline in its stock resulting in a market loss of over $80 billion but also spurred panic among depositors and clients. It was the largest US bank failure since the 2008 financial crisis. The FDIC is now scurrying around to find another bank over the weekend that is willing to merge with SVB and stop the impending total collapse. Explained | How Silicon Valley Bank crisis unfolded in 48 hours (With inputs from agencies) WATCH WION LIVE HERE:

World’s fifth-biggest cryptocurrency USDC’s value falls after Silicon Valley Bank connection revealed

<p>The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.&nbsp;</p>

<p><strong>How will cryptocurrency be distributed to IDPs?</strong></p>

<p>The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people.</p>

<p><b>ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/binance-braces-for-challenging-period-after-record-19bn-outflows-542921">Binance braces for 'challenging period' after record $1.9bn outflows</a></b></p>

<p>The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world.</p>

<p><strong>WATCH |&nbsp;<a href="https://www.wionews.com/videos/charities-use-cryptocurrency-to-send-aid-to-venezuela-220620">Charities use cryptocurrency to send aid to Venezuela</a></strong></p>

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<p>The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations.&nbsp;</p>

<p><strong>Which Ukrainian cities will receive cryptocurrency aid?</strong></p>

<p>As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine.</p>

<p><strong>When will cryptocurrency aid be distributed in Ukraine?</strong></p>

<p>The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement.&nbsp;</p>

<p><strong>Will crypto-based aid be expanded elsewhere too?</strong></p>

<p>The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) said.&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

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The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world.

The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a "first-of-its-kind blockchain payment solution" for digital cash distribution anywhere in the world. How will cryptocurrency be distributed to IDPs? The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people. ALSO READ | Binance braces for 'challenging period' after record $1.9bn outflows The transfer will be received by displaced individuals in their 'Vibrant' digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world. WATCH | Charities use cryptocurrency to send aid to Venezuela × The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations. Which Ukrainian cities will receive cryptocurrency aid? As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine. When will cryptocurrency aid be distributed in Ukraine? The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is "expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023", according to an official statement. Will crypto-based aid be expanded elsewhere too? The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a "pilot phase" of the crypto-based aid project. "The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide," the statement by United Nations High Commissioner for Refugees (UNHCR) said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UN to roll out aid in cryptocurrency for displaced Ukrainians

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