Crypto Shaken as SVB Exposure Depegs $37 Billion Stablecoin

March 11, 2023

USD Coin, or USDC, is an asset-backed stablecoin and a widely used plank of crypto markets. USDC had a circulating supply of around 40 billion tokens as of Saturday morning in New York, CoinGecko data shows. A net $2 billion of USDC was redeemed in the past 24 hours, according to blockchain research firm Nansen. “Your assets remain safe & available for on-chain sends,” the crypto exchange said in a tweet from an official account. Paxos Trust Co., issuer of Pax Dollar, and crypto exchange Gemini said they have no relationship with the bank, according to statements on their official Twitter accounts.