USDC reserve assets have three parts: (1) $32.4 billion Treasury bond portfolio (2) $3.3 billion in SVB (3) $7.8 billion stored in banks other than SVB. To be pessimistic, the recovery rate is calculated as 80%, then the total loss of Circle is 33* 40%+33*20%=about $2 billion; a reasonable estimate is that Circle lost 33*20%+11 (one of the three)*10%=about $700 million in SVB; the most extreme is SVB’s loss of 33 33*50% of the 100 million and the remaining three, a total of 5 billion cannot be recovered; the benchmark USDC net values ​​are: 0.985 (normal situation), 0.954 (pessimistic situation), and 0.885 (extreme situation).