Circle USDC Circulation Discount Up To $200 Million Last Week
CRYPTO TREYSI
According to official data, in the past 7 days, Circle issued a total of $600 million in USDC and redeemed $2.5 billion in USDC, and the circulation decreased by about $1.9 billion.
As of March 30, the total circulation of USDC was $32.6 billion, and the reserve was $32.8 billion, including $4.4 billion in cash and $28.4 billion in short-term US treasury bonds.
Source: Circle
However, the DeFi market has not lost its power because of that. Uniswap had $13.3 billion in volume on March 11, while Coinbase had $1.7 billion. This is what marks the prominence of DeFi platforms keeping concerns about financial risk centralized.
There is also rising interest in investigating potential solutions to the flaws of stablecoins. USDC is currently still trading at the “stable” $1 peg, but the drop in circulation shows that money has shifted to rival stablecoins like USDT.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.