On March 10th 2023, Silicon Valley Bank, a financial institution that serves the innovation ecosystem and beyond, after a failed
11 Mar 2023, 09:56
On March 10th 2023, Silicon Valley Bank, a financial institution that serves the innovation ecosystem and beyond, after a failed attempt to get help from Goldman Sachs, collapsed.
Circle, the providers of USDC, unfortunately, appear to have had over $3bil in exposure to SVB and this has caused a de-peg of the USDC stablecoin.
A fundamental function of Dynasets is to protect users’ assets and to manage risk for this reason the DAM has taken action to move some DynaSet assets out of stablecoins and into their respective major assets.
The situation is being monitored constantly as things develop.
Please stay tuned for any further updates on this matter.