A Net $3 Billion Was Redeemed From Crypto’s USDC Stablecoin This Week
- Second-largest stablecoin recovered peg after weekend slump
- Crypto’s stablecoin segment has seen dramatic shifts in 2023
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A net $3 billion was redeemed from USD Coin, crypto’s second-largest stablecoin, from Monday morning through Wednesday in the aftermath of US banking turmoil that buffeted issuer Circle Internet Financial Ltd.
Circle in a blog post said it had redeemed $3.8 billion of USDC tokens over the period and minted $800 million, adding that a backlog of such requests has been all but cleared.