The supply of USDC stablecoin on Ethereum has stabilized after a wave of redemptions due to its links to collapsed U.S. lender Silicon Valley Bank. The amount of USDC in circulation now stands at just under 31 billion, down 11 billion from the start of the year. Other stablecoin supplies on Ethereum have also dwindled since January 1, notably Binance USD and Gemini dollar. Tether, the foremost dollar-pegged stablecoin, has seen an increase in demand and now accounts for almost 43% of the total Ethereum stablecoin supply. In February, Tether reported a net profit of $700 million for the fourth quarter of 2022.

(By Adam James)