As the US government ordered Silicon Valley Bank to close,
the value of important stablecoins like USDC and BUSD has fallen to the $1
threshold.
After having "minimal" exposure to the failed bank,
USDC reported its deepest depeg in three years.
Binance announced the termination of the USDC to BUSD
conversion feature "due to market conditions" after BUSD was
inexorably impacted as well.
The largest stablecoin on the cryptocurrency market, USDT,
climbed in price to $1.00, which is the highest price point since August 2020.
After the closure and confiscation of Silicon Valley Bank by
the California state authorities on March 10, the stablecoin market crashed