USDC depeg during March 2023 banking crisis — Stablecoin Event

Identity and classification

Overview

Date, taxonomy, impact, recovery, mechanism, confidence, and evidence remain separate.

Date	2023-03-11
Public event category	Depeg and peg stress
Canonical event subtype	Major Depeg
Structured detail kind	Depeg
Stablecoin subjects	USD Coin
Organization subjects	Circle
Impact	High
Effect on stablecoin lifecycle	No lifecycle change
Canonical status-effect value	No recorded change
Recovery or reversal	Recovered
Recovery date	2023-03-13
Cause or mechanism	Reserve asset exposure during the March 2023 banking crisis.
Structured detail coverage	Structured fields available below
Record confidence	Medium

Date: 2023-03-11
Public category: Depeg and peg stress
Canonical subtype: Major Depeg
Structured detail kind: Depeg
Impact: High
Status effect: No lifecycle change
Recovery: Recovered
Recovery date: 2023-03-13
Cause or mechanism: Reserve asset exposure during the March 2023 banking crisis.
Record confidence: Medium

Affected records

Stablecoin and organization subjects remain separate record groups.

Stablecoin subject

Open the stablecoin dossier for current state, organizations, deployments, evidence, and unknowns.

Organization subject

Open the organization record for roles, relationships, events, evidence, and unknowns.

Typed record

Event-type-specific facts remain visible with explicit value states.

Structured event detail

Depeg detail — Recovery status	Recovered
Depeg detail — Recovery date	2023-03-13
Depeg detail — Cause summary	Reserve asset exposure during the March 2023 banking crisis.
Depeg detail — Price-source records	Not yet recorded

Depeg detail — Recovery status: Recovered
Depeg detail — Recovery date: 2023-03-13
Depeg detail — Cause summary: Reserve asset exposure during the March 2023 banking crisis.
Depeg detail — Price-source records: Not yet recorded

Provenance

Source identity, publisher, publication date, reliability, archive, and relation count remain separate.

2 source identities · 3 evidence relations
Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Circle update on USDC and Silicon Valley Bank exposure Published 2023-03-11	Circle	Official statement or announcement Canonical: Issuer Statement	Subject-controlled source	Primary source	Depeg Event	No archive recorded	High
Circle update after federal banking actions in March 2023 Published 2023-03-12	Circle	Official statement or announcement Canonical: Issuer Statement	Subject-controlled source	Primary source	Depeg Recovery, Depeg recovery	No archive recorded	High

Maintenance

Use the documented correction path and methodology.