Circle USDC Continues Circulation Fall After March Crisis
Circle has enough reserves in its treasury to support its stablecoin USDC. Notwithstanding the belief in its stablecoin, USDC underperformed. According to official data, in the past 7 days, Circle issued a total of $600 million in USDC and redeemed $1 billion in USDC, and the circulation decreased by about $400 million. As of May 4, the total circulation of USDC was $30.1 billion, and the reserve was $30.2 billion.
USDC’s substantial reserves, which include a large amount in short-term US Treasury bonds, may help reassure consumers that their holdings are backed by dependable and safe assets. Circle generated 140 million USDC yesterday and transferred it to Coinbase on behalf of a significant buyer, according to blockchain intelligence firm Arkham. USDC Coin was the most troubled stablecoin when its Silicon Valley Bank (SVB) holdings failed. Notwithstanding the challenges that USDC has experienced, Circle, the stablecoin’s issuer, has continued to profit from its development. US government acts quickly and offers more clarification on the stablecoin area, the market may improve.
Source
https://t.me/DeFi_Ethereum
