The stablecoin USDC has regained its $1 peg price following government assurances that depositors in Silicon Valley Bank (SVB) would have access to their money. This news means all SVB depositors will be compensated despite the bank’s collapse, which wiped out investor money. Along with USDC, the decentralized stablecoin DAI, partially backed by USDC, also regained ground. US regulators stepped in and promised that depositors in the bank would get access to all funds, boosting market confidence and sending the coins back to their $1 peg price. Circle CEO Jeremy Allaire commented that he was “heartened” to see government action and all deposits at SVB were secure and available.
