Net $3 Billion Redeemed From Crypto’s USDC Stablecoin This Week

A net $3 billion was redeemed from USD Coin, crypto’s second-largest stablecoin, from Monday morning through Wednesday in the aftermath of US banking turmoil that buffeted issuer Circle Internet Financial Ltd.

Circle in a blog post said it had redeemed $3.8 billion of USDC tokens over the period and minted $800 million, adding that a backlog of such requests has been all but cleared.

Stablecoins like USDC are supposed to hold a constant value, often underpinned by collateral like cash and bonds. But USDC slumped from its intended $1 peg over the weekend after it emerged that $3.3 ...