USDC Survives Silicon Valley Bank Collapse and Clears Backlog
Harsh Notariya
16 Mar 2023 3:01 PM
Circle announced that they had cleared all the backlog of USDC minting and redemption. The stablecoin was depegged last weekend....
- Circle has cleared all the backlog of minting and redemption following the depegging of USDC stablecoin over the weekend.
- Circle redeemed $3.8 billion USDC and minted $0.8 billion USDC since Monday.
- Circle changed their banking partner after the Silicon Valley Bank (SVB) collapse.
- Despite recovering the peg, USDC is losing its dominance to its rival stablecoin USDT.
- USDC lost its peg by almost 12%, trading at 0.88 over the weekend.
- USDC's circulating supply dropped by 5.9 billion tokens, whereas USDT increased its supply by 2.5 billion tokens.
The article reports on Circle's efforts to clear the backlog of minting and redemption following the depegging of USDC stablecoin over the weekend. Despite recovering the peg, USDC is losing its dominance to its rival stablecoin USDT. The sentiment of the article is neutral.
Related Questions
What is the current status of Circle's backlog of minting and redemption?
Why did Circle change their banking partner?
What happened to USDC's circulating supply and market capitalization after the depegging over the weekend?
How is USDC performing compared to its rival stablecoin USDT?
What is the sentiment of the article towards Circle and USDC?
Related Queries
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market capitalization.
Silicon Valley Bank
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