Crypto investors pulled around $3 billion overall from the stablecoin USDC in three days, the company behind the token said in a blog post on Thursday, as investors rushed to redeem their holdings in the wake of the collapse of Silicon Valley Bank.
USDC broke its dollar peg on Saturday after Circle revealed that $3.3 billion of the coin's reserves were at SVB. The stablecoin fell to as low as $0.88, according to CoinGecko data, but returned to $1 on Monday.
Circle announced it would allow automatic USDC redemption through a new banking relationship, with Cross River Bank. Stablecoins are cryptocurrencies designed to maintain a constant exchange rate with traditional currencies.
USDC is the second-biggest stablecoin with a market cap of $37.6 billion. Did you Know?SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms.Read more on economictimes.indiatimes.com