The second largest stablecoin USDC stablecoin which usually has a value peg equivalent to $1 has fallen below this equivalence to $0.905900 causing a depeg. This has caused so much chaos as panic striken investors scramble to save their investments before the ship sinks to the bottom. Much of this is owed to the Silicon Valley Bank collapse in which Circle revealed that it has $3.3 billion dollars or 8.25% of their total assets is stuck with the bank. Circle is the firm that runs the USDC stablecoin. One can't really blame investors for such a behaviour if we take into consideration that cryptocurrencies sometimes fall to below 80 % of their initial value. As a result USDC statistics are exhibiting much panic behavior as USDC holders withdraw or burn their coins in high volumes. Here are some of the statistics ;
1.Statistics are showing that 2.4 Billion USDC has been burned in the last 24 hours.
2. Statistics shows that 7.66 Billion USDC has been withdrawn from CEX in 24 hours.
3. Jump Crypto has also cashed out 150 million USDC
4. Wintermute/FalconX deposited USDC to Coinbase
5. Voyager which owns 529M $USDC is currently having an unrealized loss of $31 million dollars.