USDC Stablecoin Depegs: Urgent Update

Most recent Circle update.
USDC the stablecoin has de-pegged from $1
At the current time of writing; 20:00 AEST, USDC trades at 92c on the Dollar.
This is a dynamically unfolding situation; following news from Silicon Valley Bank.
Circle Tweeted “Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash.”
Circle assures clients, “Circle & USDC operate normally”.
Collective Shift opinion; This is an unfolding situation and only a small portion of Circle’s cash reserves were held at Silicon Valley Bank. The majority of USDC is still backed by unaffected assets.

Do not panic
If you have a substantial amount of USDC and you are concerned and want to de-risk, consider taking a portion and moving it into another stablecoin.
This is not a black swan event, it is a white swan event. Circle have reported they have diversified their assets across a number of partners and categories.
Circle are actively tweeting about this and seemingly has managed its risk across many asset partners and are well collateralised.