CryptoCompare: Users Redeem $6 Billion in USDC Stablecoins

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Users continue to redeem Circle's USD Coin (USDC).stablecoins amounted to $6 billion, according to the analytical platform CryptoCompare.

Even though Circle, the issuer of the USDC stablecoin, satisfiesAll user requests for withdrawal of funds, repayment is very fast, they assurerepresentatives of the platform.

According to analysts, $9 million worth of USDC was issued on the Ethereum blockchain on March 20.On the same day, users redeemed $738.6 million worth of these stablecoins.The day before, on March 19, users withdrew $23.3 million worth of fiat tokens.In total, since the beginning of March, the issuer of USDC has burned about $12.2 billion in stablecoins, while issuing half as many tokens on the Ethereum network, analysts found.

The recent collapse of the U.S.-based Silicon Valley Bank led to market turmoil that briefly caused the USDC stablecoin to lose its peg to the dollar.After Circle reported that the company had $3.3 billion in reserves tied to SVB, the USDC rate, which had fallen to $0.89, soon recovered. 

Circle recently stated that from March 13 to March 15, users redeemed $3 billion worth of USDC.