TechFlow news, according to Fortune magazine citing sources familiar with the matter, Coinbase offered Circle a $3 billion immediate credit line after SVB's collapse to ensure full liquidity of USDC reserves and enable the stablecoin to be redeemed for U.S. dollars on Monday morning following SVB’s bankruptcy. Coinbase had originally planned to disclose this credit facility, but later abandoned the plan as the crisis quickly subsided. Circle declined to comment on the matter, though did not deny it.
Earlier reports indicated that Circle held $3.3 billion in deposits at Silicon Valley Bank. Although this represented only a small portion of its $40 billion in total assets, panic sentiment caused USDC to temporarily de-peg below $0.90.Original link
