USDC Stablecoin and Crypto Market Go Haywire After Silicon Valley Bank Collapses

Crypto was born in the wake of the 2008 crisis and, for some, in response to it. Satoshi Nakamoto's article on Bitcoin debuted in a world where governments had just propped up the financial system by pouring money into it. Crypto lacks such a centralized authority. If SVB clients, including Circle and its USDC stablecoin, are forced to cut their money, the repercussions are unclear.