> open event/sog_ev_usdc_2023_03_depeg
USDC depeg during March 2023 banking crisis
USDC traded below its USD peg during the March 2023 banking crisis after Circle disclosed that part of USDC reserves was held at Silicon Valley Bank. SOG records this as a recovered major depeg event, not as failed status.
Impacthigh
Sources2
| Date | 2023-03-11 |
|---|---|
| Type | major_depeg |
| Stablecoin | USD Coin (USDC) |
| Issuer | Circle |
| Impact | high |
| Confidence | medium |
| Sources | 2 |
| Source | Publisher | Type |
|---|---|---|
| Circle update on USDC and Silicon Valley Bank exposure | Circle | issuer_statement |
| Circle update after federal banking actions in March 2023 | Circle | issuer_statement |
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