According to Circle, from March 23 to March 30, Circle issued a total of USD 600 million USDC, redeemed USD 2.5 billion USDC, and reduced circulation by approximately USD 1.9 billion.

Circle’s USDC continues to see redemptions en masse as the stablecoin's market cap fell to about $32.5 billion, a decline of roughly $10 billion over the last two weeks.

Circle's USDC stablecoin has lost 23% market share in less than a month's time, following the collapse of its key banking partner, Silicon Valley Bank (SVB). Since March 10, the net outflows from the USDC stablecoin have surpassed more than $10 billion so far. Circle has backed the token's value with short-term government bonds and cash reserves at various US banks, and after the collapse of SVB, it moved a large portion of its cash to BNY Mellon. In contrast, Tether's native stablecoin USDT has extended its dominance in the market, with its market cap over the last month surging by more than 12% to reach close to $80 billion, contributing to Tether's rise to more than 60% share of the $132 billion stablecoin market.

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In a new report, Moody’s analyzed the impact of the traditional banking system on stablecoins, as well as the possible tightening of regulation against the background of the recent banking crisis.

Voyager Digital, a popular cryptocurrency broker, has redeemed $150 million worth of USDC stablecoin to fiat currency through Circle, a leading provider of digital asset financial services. The redemption was completed through Circle's USDC issuance and redemption platform, which allows users to convert USDC to fiat currency and vice versa.

Circle is focused on securing more banking partnerships and staying in the US, according to Raagulan Pathy, the firm's APAC vice president. Speaking to Cointelegraph, Pathy said Circle had no plans to move its reserves, despite the depegging of its stablecoin USDC due to the collapse of Silicon Valley Bank (SVB) on March 10. After the SVB crash, Circle announced a new banking partnership with Cross River and an expansion of its ties with BNY Mellon. Pathy said Circle currently holds 80% of its reserves and treasuries and wants to move all its cash via payment rails to the Fed. He praised Singapore's "measured approach towards regulation" and said Circle was on a "globalisation path."

Noble and Circle have partnered to bring native USDC to the Cosmos and Inter-Blockchain Communication (IBC) ecosystem, a major milestone as Cosmos has never had a stablecoin fully collateralized and backed by fiat. The launch of native USDC gives over 50 IBC-enabled blockchains access through IBC, solving challenges such as liquidity fragmentation and disparate trust assumptions across different bridging protocols. Noble plans to become a gateway for digital assets that enter the IBC ecosystem and aims to offer the best user experience by providing a single canonical token with deep liquidity. Noble has also developed a packet-forwarding middleware application to streamline the transfer process. The integration will first benefit the ecosystem, and Noble aims to become a premier platform for integrating solutions for issuers of digital assets.

Token protocol startup Noble has partnered with Circle Financial to bring the USDC stablecoin to the Cosmos ecosystem, with access to more than 50 Inter-Blockchain Communication (IBC) networks. After USDC becomes native to Cosmos, it will be the ninth blockchain where the stablecoin is natively hosted. USDC is hosted natively on Ethereum, Solana, Avalanche, Tron, Algorand, Stellar, Flow, and Hedera. Additionally, USDC is bridged to Arbitrum, Near, Fantom, and Polygon. This new native support will help overcome challenges with bridging techniques. Noble says this integration will catalyze hundreds of millions of dollars in liquidity over the coming months in Cosmos. (Bitcoin.com)

Circle has released a&nbsp;<a href="https://www.circle.com/blog/how-the-usdc-reserve-is-structured-and-managed">report</a>&nbsp;detailing the structure and management of USDC reserves. Approximately 80% of USDC reserves are invested in short-duration U.S. Treasuries, with the remaining 20% held as cash deposits in global systemically important banks (GSIBs).&nbsp;