USDC in circulation fell over 10% since de-peg event
The stablecoin market has seen significant changes over the past few weeks — including the removal of over 7 billion USDC stablecoins from circulation following the depegging event on March 11. Since then, USDC and other stablecoins have been re-pegged, and Circle’s stablecoin is currently trading at $1 on several centralized trading platforms as of March 18.
USDC hit a price point of $0.877 per coin during the de-peg alongside six other stablecoins which also lost their dollar peg on the same day. Nonetheless, USDC and the other stablecoins have since reattained parity with the dollar — with Circle’s stablecoin trading at $1 on several centralized trading platforms since March 17. On March 6, roughly 43.89 billion USDC was in circulation. On March 17, 7.08 billion USDC was redeemed — falling by 10.2% over 30 days, according to on-chain data by CoinGecko. Over the last 11 days, 439 million BUSD has been redeemed. During that time, the amount of BUSD in circulation decreased to 8.2 billion from 8.6 billion.
Source
@CryptoWorldAnalysis
