Silicon Valley Bank Collapse/ Stable Coins are no longer stable? USDC depeg What's happening?

Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.
It was the largest failure of a US bank since Washington Mutual in 2008. Founded in 1983, SVB specialised in banking for tech startups. It provided financing for almost half of US venture-backed technology and healthcare companies.

This caused stable coin USDC to depeg, which is also having severe effects on other stable coins.
What does this mean for the crypto world? Are your funds safe? What is going on here?

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