Even though Circle, the issuer of the USDC stablecoin, satisfies all withdrawal requests from users, the redemption is very fast, the platform representatives assure.
According to analysts, USDC worth $9 million was issued on the Ethereum blockchain on March 20. On the same day, users redeemed these stablecoins for $738.6 million. March issuer USDC burned about $ 12.2 billion in stablecoins, while issuing half as many tokens on the Efririum network, analysts found out.
The recent collapse of the US Silicon Valley Bank led to market turmoil that briefly caused the USDC stablecoin to lose its dollar peg. After Circle reported that the company had $3.3 billion in SVB-related reserves, USDC, which fell to $0.89, soon recovered.
Circle recently said that users redeemed $3 billion worth of USDC between March 13 and March 15.
Source: Bits
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