In late January 2022, Silicon Valley Bank (SVB), which is a major provider of banking services to cryptocurrency companies, experienced a system outage that caused a temporary disruption to the issuance and redemption of USDC tokens. USDC is one of the largest stablecoins in the world, and its value is supposed to be pegged to the US dollar at a 1:1 ratio. The SVB crash affected the ability of some cryptocurrency exchanges and other companies to process USDC transactions. This led to a brief ...