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USDC Holders Panic Sell Amid Solvency Concerns
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USD Coin (USDC), a popular stablecoin pegged to the U.S. dollar, has been facing solvency concerns since March 10, leading several holders to panic sell their holdings and switch to other stablecoins.
USDC's solvency fears arose after the disclosure that a portion of USDC's collateral is held at Silicon Valley Bank, which was shut down by California authorities after revealing efforts to raise extra capital.
The news of the bank's closure and USDC's collateral in it caused concern among USDC holders, leading to panic selling and mass exodus.
During the panic selling, several USDC holders attempted to switch to other stablecoins, but not all of them were successful.
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