Storia crypto
2023: USDC's peg encounters a banking failure
A cash-backed token can trade below its target when access to part of its reserve becomes uncertain.
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The reserve dependency
In March 2023, Circle disclosed that $3.3 billion of USDC reserves was held at Silicon Valley Bank. The bank's failure created uncertainty about that money and USDC traded below $1. This was a banking and redemption-access shock affecting a reserve-backed asset.
On 12 March, US authorities announced that Silicon Valley Bank depositors would have access to all their money beginning the next day. The joint statement also addressed Signature Bank and distinguished protection for depositors from protection for shareholders and certain unsecured creditors.
Why it differs from Terra
UST's design relied on conversion incentives tied to LUNA. USDC's disruption concerned access to external reserve assets. Both produced a broken market peg, but the balance sheets and recovery mechanisms differed. A chart showing a price below $1 does not by itself reveal which problem exists.
The episode also showed how a stablecoin can transmit stress into pools and collateral systems that hold it. A dollar label can hide banking concentration, operating hours and redemption eligibility. Evaluate the backing and the downstream claims together rather than assuming a blockchain removes the issuer's offchain dependencies.