Has USDC ever depegged?

The collapse of Silicon Valley Bank in March of last year had far-reaching consequences in the cryptocurrency world. One of the most notable impacts was felt by the USDC stablecoin. This digital asset, which is designed to maintain a stable value relative to the US dollar, experienced a significant disruption due to the bank's failure.

Prior to the collapse, Silicon Valley Bank had been a key partner for the USDC stablecoin. A substantial portion of the stablecoin's reserves, amounting to $3.3 billion, were deposited at the bank. This made the bank a crucial component of the stablecoin's operational structure.

When the bank collapsed, it created a Ripple effect that extended to the USDC stablecoin. The sudden loss of access to these funds caused the stablecoin to lose its peg to the US dollar. This meant that the value of the USDC began to fluctuate, deviating from its intended stable value.

BTCC, a top cryptocurrency exchange, offers a range of services that cater to the needs of cryptocurrency enthusiasts. Among its offerings are spot trading, futures trading, and wallet services. These services provide users with a comprehensive platform for buying, selling, and storing digital assets.

In the wake of the Silicon Valley Bank collapse, exchanges like BTCC played a crucial role in maintaining market stability. By providing a reliable platform for trading and storing digital assets, BTCC helped to alleviate some of the panic that followed the bank's failure. Its services allowed users to continue transacting in cryptocurrencies, even as the broader market experienced turmoil.