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USDC in circulation fell over 10% since de-peg event

cryptoslate.com

The stablecoin market has seen significant changes over the past few weeks — including the removal of over 7 billion USDC stablecoins from circulation following the depegging event on March 11.

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USDC depeg will hinder stablecoins' growth, increase regulatory scrutiny: Moody's - Cointelegraph

"Financial institutions may reconsider adopting stablecoins to settle agreements involving tokenized securities out of concern over the coins' potential volatility,” Moody's said.


USDC Minting And Redemption Backlog Almost Cleared By Circle - Bitcoinist

USDC stablecoin investors panicked when Circle announced its exposure to the shuttered banks, and Circle's latest report on USDC Reserves and attestation from Deloitte, the global audit company, confirms the connection.  However, in a new development, Circle reports almost clearing all minting and redemption requests for USDC.


Circle Investors Redeem $3 Billion in USDC - PYMNTS

Cryptocurrency investors have withdrawn a net $3 billion in Circle's USDC coin this week. Circle said on its blog Wednesday (March 15) evening that it had “cleared substantially all of the backlog of minting and redemption requests” for its coin, the second most popular cryptocurrency.


Circle Clears ‘substantially all' Minting and Redemption Backlog for USDC - Bitcoinworld

Circle says it has fulfilled “virtually all” of the redemption and minting requests for its USD Coin $1.00 stablecoin. Circle announced in a March 15 operating update that it has redeemed $3.8 billion USDC and minted $0.


Circle Update on USDC Operations - CrowdFundInsider

Circle, the issuer of dollar-based stablecoin USDC, was hammered when it was announced that the Fintech held $3.3 billion at Silicon Valley Bank (NASDAQ:SIVB). For a long minute, things looked a bit dire.


How The USDC Depeg Will Impact DeFi, Expert Explains - NewsBTC

Following the closure of Silicon Valley Bank (SVB), the value of the world's fifth-largest cryptocurrency, USD Coin (USDC), plummeted to an all-time low on Saturday. The U.S.-based company behind the coin, Circle, revealed that $3.3 billion of the $40 billion in USDC reserves backing it was held at the financial institution.


Justin Sun traded USDC fear after SVB collapse - Crypto news

At the height of USD Coin (USDC) panic — when news broke that much of its backing was stuck in recently-collapsed Silicon Valley Bank — Tron (TRX) founder Justin Sun traded millions of USDC.


Circle's Stablecoin USDC Affected by Collapsed Bank - Blockchain News

Circle's USDC stablecoin briefly de-pegged after news that $3.3 billion of its cash reserves were stuck with collapsed bank Silicon Valley Bank. USDC's dollar peg has since recovered, but mass redemptions have led to a drop in the stablecoin's market cap by nearly 10% since March 11.


Tether Benefits From USDC Chaos, USDT Dominance Now 58% - Bitcoinist

Data shows Tether USD (USDT) has benefited from the recent chaos with the USD Coin (USDC) peg, as the stablecoin's dominance has now hit 57.8%. Tether (USDT) Dominance Has Surged To 57.8% Now As per the latest weekly report from Glassnode, Tether was previously facing a structural decline since mid-2020.


Xapo Bank Reopens USDC Deposits Amid The Remaining Crisis - Coincu

Crypto-friendly Xapo bank has allowed GBP and USDC stablecoin payments for its customers after earlier suspending services for the two currencies due to the continuing financial crisis.

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