Redemptions Rise to About $6 Billion From Circle Stablecoin (1)

Customers are continuing to redeem Circle’s USD Coin stablecoin at a greater pace than buying it even after the firm recouped deposits that were caught up in the collapse of Silicon Valley Bank.

On March 20, users redeemed $738.6 million USDC, while Circle issued less than $9 million of the token on the Ethereum blockchain, according to researcher CryptoCompare. The day before, customers redeemed $23.3 million as Circle issued $231 million on the network, data shows. Since the beginning of March, Circle burned about $12.2 billion USDC, while issuing about half as much on Ethereum, CryptoCompare found.

Circle officials didn’t ...