The USDC and DAI have temporarily been slightly anchored, and Circle has not responded to the bank risk exposure in Silicon Valley

On March 11, it was reported that USDC and DAI were temporarily slightly anchored due to the Bank of Silicon Valley incident. According to the market, USDC is temporarily quoted at US $0.9952 and DAI is temporarily quoted at US $0.9963. Curve platform stable currency 3pool has a slight proportion tilt, with USDT accounting for 5.95%, USDC and DAI accounting for 44.56% and 49.48% respectively. According to the audit report of Circle in January this year, Circle has reserves in many regulated financial institutions in the United States, including Silicon Valley Bank and Silvergate. This report is reviewed and certified by Deloitte. At present, Circle has not responded to the risk exposure of Silicon Valley banks.

Interpretation of this information:

The Bank of Silicon Valley incident has caused temporary anchoring of the stable currencies USDC and DAI. The market has observed that USDC has been temporarily quoted at US $0.9952 and DAI at US $0.9963. The stable currency 3pool on the Curve platform has seen a slight proportion tilt, with USDT accounting for 5.95%, USDC and DAI accounting for 44.56% and 49.48% respectively.

The incident has caused concerns about the security of stable currencies and the risk exposure of the affected financial institutions. Circle, the issuer of USDC, has not yet commented on the situation or the potential impact of the Bank of Silicon Valley incident on their reserves.

The news emphasizes the importance of ensuring stable currencies’ stability and reliability to promote their wider acceptance and adoption. This incident highlights the need for improved transparency and regular audits of financial institutions involved in the issuance and management of stable currencies.