Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the U.S. dollar.

While the crypto market responded with a massive sell-off, not all USDC investors were lucky enough to walk away with their funds amid the uncertainty.

Contrasting Warren’s statements against crypto auditors, numerous members highlighted the ongoing collapse of Silicon Valley Bank (SVB), a Federal Deposit Insurance Corporation-insured bank.

Despite the SEC looking to crack down on supposed unregistered securities offerings via staking rewards programs, Coinbase has outlined that its services will continue.

At the time of writing, USDC had lost over 10% of its value as it traded at $0.8774, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan.

Circle joined other customers and depositors in calling for the continuity of SVB in the US economy.

Circle joined other customers and depositors in calling for the continuity of SVB in the U.S. economy.

BlockFi’s capital allocated to the money market mutual fund is not FDIC insured, however the fund doesn’t appear to be managed by Silicon Valley Bank.

BlockFi’s capital allocated to the money market mutual fund is not FDIC insured; however, the fund doesn’t appear to be managed by Silicon Valley Bank.

U.S. District Judge Lewis Kaplan expressed concern that SBF could find ways to evade the restrictions and covertly communicate with others electronically.