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Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank’s Shutdown

Circle Internet Financial’s USDC stablecoin saw some $1 billion in net redemptions since Friday morning when Silicon Valley Bank (SVB), one of Circle’s banking partners, was shut down by regulators, blockchain transactions from crypto intelligence platform Nansen show.

According to Nansen, Circle burned some $1.6 billion of USDC on Friday, taking out the tokens from circulation as investors redeemed dollars. Circle also minted new coins, adding to the circulation, but much less than it destroyed.

USDC USDC $1.00
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Circle Silicon Valley Bank
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