After the collapse of Silicon Valley Bank, investors filled their bags with dollar coins (USDC), while assets have flowed from centralized exchanges (CEX) to decentralized exchanges (DEX).

Blockchain analytics firm Chainanalysis pointed out in an online article on March 16th that capital outflows from centralized exchanges usually surge when markets are volatile, as users are likely to worry about the difficulty of acquiring assets when exchanges fall.

Shortly after SVB was shut down by California regulators, one-hour outflows from CEX to DEX soared to more than $300m on March 11, according to Chainanalysis.

A similar situation was observed when FTX, the digital currency exchange, went bankrupt last year, and there were fears that such infections might flow to other data encryption companies.

However, the terminal data from the blockchain data analysis platform Token shows that in both cases, the surge in daily trading volume of large and medium-sized DEX is temporary.

USDC has been identified as one of the top assets to be transferred to DEX, and Chainanalysis says it is not surprising that, after stable bond publisher Circle announced that it had $3.3 billion in risk reserves stranded in SVB, USDC was pegged to the dollar, prompting many CEX, such as Coinbase, to stop buying and selling USDC.

Chainanalysis stressed that, incredibly, USDC has seen a surge in recycling of large DEX such as Curve3pool and Uniswap. The blockchain analytics company wrote: "there has been a big increase in the acquisition of several asset users, but none of them is as large as USDC."

Chainanalysis's view is that this is because of confidence in stable money, and some login password users loaded this when USDC was cheaper and bet that he would keep an eye on the dollar again-according to CoinMarketCap, he guaranteed that on March 13th.