# Silicon Valley Bank and $USDC

By [CriptoDineroTV](https://paragraph.com/@criptodinerotv) · 2023-03-11

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What is happening in the ecosystem?
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The first thing you need to know USDC and DAI cryptocurrencies, which are designed to maintain parity with the US dollar, have been priced slightly below 1 USD for more than 16 hours.

![](https://storage.googleapis.com/papyrus_images/0c5f88b0ca8a26bc28a31537bc14b8746611b338e1501e6d4b043b43929dfb17.png)

Although the origin of these problems is related to the traditional financial system, it is having an impact on some cryptocurrencies. On Thursday, March 9, the California regulator closed Silicon Valley Bank, whose clients were mainly companies and startups.

Circle, the company behind $USDC, confirmed that it had 3.3B USD deposited in that bank, out of a total of ~40B USD in reserves. This means that Circle would have lost access to 8.25% of its reserves.

[https://twitter.com/circle/status/1634391505988206592](https://twitter.com/circle/status/1634391505988206592)

$DAI is a cryptocurrency that also seeks 1:1 parity with the dollar, but unlike USDC, it is backed by other cryptos.

DAI has 2.69B USDC in its reserves. As USDC loses parity with the dollar, DAI is also affected.

[https://twitter.com/MakerDAO\_Lat/status/1634420553015611392](https://twitter.com/MakerDAO_Lat/status/1634420553015611392)

If you want to see more about the measures he is proposing @MakerDAO To recover the stability of $DAI you can follow the information here:

[https://twitter.com/MakerDAO/status/1634554770089205760](https://twitter.com/MakerDAO/status/1634554770089205760)

For now, $USDT continues to maintain a 1:1 parity with the dollar. It is currently the coin with the most assets deposited (TVL) in DeFi protocols.

[https://dune.com/queries/539392/1016840](https://dune.com/queries/539392/1016840)

At the moment, all operations on many platforms are working normally (buy, sell, trade, deposit and withdraw).

Keep in mind that market values are constantly changing and prices may differ from the time you enter a platform to the time you trade. Please, always check the values before confirming a trade.

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*Originally published on [CriptoDineroTV](https://paragraph.com/@criptodinerotv/silicon-valley-bank-and-usdc)*