USD Coin value falls after revealing $3.3bn held at Silicon Valley Bank

The stablecoin fell as low as $0.87 as Circle broke the news that its reserves were at the collapsed lenderThe value of the world’s fifth-biggest cryptocurrency, USD Coin (USDC), slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed that $3.3bn of the reserves backing it were held at Silicon Valley Bank.USDC is a stablecoin – cryptocurrencies designed to maintain a stable value – USDC’s value is supposed to mimic the dollar. But the co