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Amid the recent USDC depegging, USDC has now recorded the largest single burn having seen a burn of 723 million USDC as the stablecoin recorded almost $2.2b burns since the start of the week.
USD Coin holders are not rushing back to holding the token just yet.
A USDC burn of up to $723 million was recorded. This is the most significant burn in this stablecoin's history.
Despite the adverse effects of the USDC situation on various aspects of the cryptocurrency sector, centralized exchanges were able to reap significant gains during this time.
Circle's earlier disclosure that $3.3 billion worth of USDC reserves were held with Silicon Valley Bank resulted in it losing market share to its competitor USDT.
Nearly 4 billion USDC has been removed from the circulating supply since Friday with more USDC being burned than minted, data shows.
With the banking sector suffering two major failures, blockchain investors may face a make-or-break moment in cryptos.
As the crypto-market suffered over the weekend, there was a silver lining for some. When stablecoins lost their dollar peg, a group of debtors were able to gain profits.
A total of $723.5 million was sent to a null address and burnt in what was the biggest USDC redemption on record.
The Silicon Valley Bank collapse caused major stablecoin projects to de-peg, and some traders leveraged this to their advantage.
Jeremy Allaire detected irony in how his crypto company needed to be rescued from the banking system this week.
The USDC stablecoin regained its peg to the U.S. dollar, according to CoinGecko, after falling below the $1 value it was supposed to hold as the federal banking and finance regulators said on Sunday that all Silicon Valley Bank depositors would have access to their funds beginning Monday. "The Hash" panel discusses the implications for stablecoins and the wider crypto market.
Unless you have been living under a financial rock, you must have noticed the downfall of the SVB bank. It's one of the three banks that went down in quick succession.
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.
The depegging of USD Coin (USDC) and Dai (DAI) from the US dollar resulted in more than $2 billion in loan repayments on decentralized lending protocols Aave and Compound, with borrowers saving a total of over $100 million. USDC and DAI started heading back toward their peg, and repayment activity tapered off in the following days.
The retail-focused bank will be allowing users to make payments directly to and from ther U.K. accounts or wallets.
The supply of USDC shrank by 5% while the supply of DAI shot up, increasing to 6.3 billion from 5.1 billion since March 10.
Circle USDC News: In the wake of the devastating effect the failure of Silicon Valley Bank and Signature Bank had on the US markets, Circle CEO Jeremy Allaire gave the latest update on the state of affairs. The crypto market went bullish this week as the SVB related contagion spread through the US financial sector.
USDC available on centralized exchanges has hit a 12-month high despite the recent calamity surrounding the depeg event.
CryptoCompare investigates how the USDC behaved after the collapse of the SVB. Despite the short-term liquidity crunch, Cricle's stablecoin maintained positive fund flows.
On Monday (March 13), the pseudonymous on-chain research team “Lookonchain” commented on the highly profitable trading behavior of one “very smart” whale that is controlling 15 $ETH addresses. They started by explaining why they were impressed by this entity: “Made $4.
A mysterious Shiba Inu (SHIB) trader pocketed millions of dollars in the wake of the USD Coin (USDC) depegging, according to on-chain data. Blockchain tracking firm Lookonchain says that as the USDC stablecoin lost its peg to the US dollar over the weekend, an unknown crypto trader made a profit of $4.
USDC depegged over the weekend to 89 cents, and a Buterin-labeled wallet may have bought the dip.
USDC is a stablecoin crypto token, whose value in theory should always remain in line with the underlying. Indeed, its underlying asset is USD, which is the US dollar.
