Massive redemptions for Circle’s USDC stablecoin continued on Monday, March 13, after the weekend panic and de-peg in the stablecoin. As per blockchain researcher Nansen, over $1.74 billion of USDC stablecoins were redeemed on Monday. USDC stablecoin issuer Circle faced a major blow after the Silicon Valley Bank (SVB) announced its shutdown last Friday. Circle had a staggering 43.3 billion of its reserves with SVB which led to a panic among USDC holders. (coingape)
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