Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency.
Since March 10th, several USDC holders have fled to other stable regions because of anxiety about capital adequacy ratios. It was previously announced that a small portion of USDC's collateral was deposited with Silicon Valley banks.
But not everyone succeeded in the panic sell-off. A user used to dump a lot of 3CRV (DAI/USDC/USDT) to USDT and paid more than $2 million to USDC to get a $0.050 USDT.
The KyberSwp converged wireless router is used in the investment. KyberSWAP is a fragmented trading center (DEX) that aggregates the liquidity of several DEX. In the autopsy report, the elite team of the concierge explained: "because the sales market is facing a period of unrest, natural gas is not possible." Natural gas interest rates fluctuate very much & only the 0x route is successful, but interest rates are very low. "
After the pop-up dialog box determines the exchange at the rate of 0x, the intelligent robot sees the opportunity and gets 2085256 USDC from the Univ2 pool. The agreement is being negotiated with BOT founders, BOT consumers and third parties to help recover assets.
It is reported that Justin Sun, the founder of TRON, also transferred assets to another stabilization fund, using a fragmented financing agreement AAVE v2 to collect $82 million in USDC and convert it into a DAI worth nearly $75 million (DAI).
According to On-Chain, wallets related to IOSG Ventures sold $118.73 million USDC for $105.67 million and 2756 ETH with a value of $3.98 million through three detailed addresses. The agency still has a stake of nearly $45 million in USDC.
After the tumultuous hours of stock trading on March 11th, USDC's price has slowly recovered, trading at 97 cents after the article was published.
Circle, the company behind USDC, announced that he had $3.3 billion in Silicon Valley Bank, or 23% of its reserves. The financial institution was shut down by the California government on March 10 after announcing its diligence to raise additional capital.
Circle said in a recent statement that the liquidity of USDC will be "restored when foreign banks open on Monday morning", allowing USDC to be redeemed at 1:1 to the US dollar.