Circle's dollar-pegged stablecoin briefly broke away from its $1 peg, as market volatility led to bank failures that incited panic and fear across the industry.
and the shuttering of Signature Bank, there was little USDC repayment activity, at least for particular venues.: Lots of folks were using centralized exchange prices for USDC, raising the specter of another collapsed stablecoin, but prices flashing on those exchanges were not illustrative of Circle's ability to honor usdc redemptions.over the weekend to explain "#USDC has very little liquidity on CEXs so I wouldn’t overly read into price feeds coming from there.
Medalie added that less than 1% of all centralized crypto exchange trading volume is denominated in USDC.: Price-induced panic could trigger a run on stablecoin reserves, the true test of an issuer's mettle and 1:1 backing of the stablecoin.: MakerDAO's debt-backed stablecoin dai—with some $3 billion of its collateral held in USDC —is prompting the organization to
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