USDC definitely got hit as it depegged from the USDC for few days and traded for... | Hacker News

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		throw101010 on Aug 8, 2023 \| parent \| context \| favorite \| on: PayPal Launches U.S. Dollar Stablecoin USDC definitely got hit as it depegged from the USDC for few days and traded for $0.87 at some point, it didn't "explode" (and it restored its peg) only because the US government promised to bail out customers of the Silicon Valley Bank fully and not just upto $250,000 as it would be the case if in an usual FDIC coverage situation. Circle, the company behind this stablecoin had about $3.3 billions in SVB.

hiatus on Aug 8, 2023 [–]

I don't think that's the case for USDC from Coinbase.

tock on Aug 8, 2023 | [–]

What do you mean? USDC is issued only by Circle. It does have close ties with Coinbase.

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