Circle USDC Stablecoin Redemptions Rise to About $6 Billion
07/04/2023 12:19
Customers are continuing to redeem Circle’s USD Coin stablecoin at a greater pace than buying it even after the firm recouped deposits that were caught up in the collapse of Silicon Valley Bank.
Photographer: Rafael Henrique/SOPA Images/LightRocket/Getty Images
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Customers are continuing to redeem Circle’s USD Coin stablecoin at a greater pace than buying it even after the firm recouped deposits that were caught up in the collapse of Silicon Valley Bank.
On March 20, users redeemed $738.6 million USDC, while Circle issued less than $9 million of the token on the Ethereum blockchain, according to researcher CryptoCompare. The day before, customers redeemed $23.3 million as Circle issued $231 million on the network, data shows. Since the beginning of March, Circle burned about $12.2 billion USDC, while issuing about half as much on Ethereum, CryptoCompare found.