Circle’s USDC continues to see a lot of redemption. As the stablecoin’s market capitalization has dropped to approximately $32.5 billion, That’s down about $10 billion over the past two weeks.
Steven Zheng, director of research at The Block, said: “It appears that events in early March have eroded investor and crypto trader confidence, even though Circle offered a full, no-delay redemption for USDC.” said Zheng, director of research at The Block.
Problems with stablecoins started in early March. When news broke that Circle had $3.3 billion in reserves trapped in Silicon Valley banks, leading to USDC peg slipping from the US dollar.
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