Circle’s USDC Stablecoin Endures $1B Internet Redemptions Since Silicon Valley Financial institution Shutdown, Nansen Knowledge Exhibits

USDC is the second-largest stablecoin, trailing solely Tether’s USDT, and a spine of the crypto ecosystem. The token’s worth is backed by U.S. authorities bonds and cash-like belongings, together with a complete $11.1 billion of money deposits at numerous regulated banks, in keeping with Circle’s web site.