Circle Begins USDC Redemptions as It Burns 314 million USDC: On-Chain Data

The post Circle Begins USDC Redemptions as It Burns 314 million USDC: On-Chain Data appeared first on Coinpedia Fintech News Following the unexpected collapse of Silicon Valley Bank on Friday, […]

The post Circle Begins USDC Redemptions as It Burns 314 million USDC: On-Chain Data appeared first on Coinpedia Fintech News
Following the unexpected collapse of Silicon Valley Bank on Friday, there were inquiries regarding the vulnerability of Circle, one of the leading companies in the crypto industry and the issuer of the second-largest stablecoin, USDC. After the firm revealed its $3.3 billion USDC exposure to the collapsed bank, the stablecoin quickly depegged, creating panic this …