Circle’s USDC Withdrew And Burned In A Large-scale Panic
The US financial crisis has spread to the crypto market, which can be clearly seen by the fact that Circle’s USDC is losing its $1 peg. 0xScope tweeted that USDC is decoupling, and statistics show large-scale panic withdrawal/burn. Among them, 7.66 billion USDC was withdrawn from CEX in the past 24 hours, Jump cashed out 150 million USDC, Wintermute/FalconX deposited USDC into Coinbase.
In addition, the data collected by 0xScope shows that Voyager has the most exposure. Before USDC was depegged, Voyager was the largest Externally Owned Account (EOA) holder. Total confirmed losses are currently $31 million. This consequence is attributed to the fact that Circle, the second-largest issuer of stablecoins in the market at the moment, was directly exposed to the crisis of Silicon Valley Bank. Circle employs the bank as one of six banking partners to manage the 25% share of USDC reserves stored in cash. The stablecoin issuer confirms that it is awaiting clarification on how the FDIC receivership of SVB would affect its depositors and that it is continuing to function regularly.
Source
https://t.me/Bitcoin_Crypto_Coin_Calendar
