Crypto investors have withdrawn around $3 billion from the USDC stablecoin in three days, as investors look to redeem their holdings following the collapse of Silicon Valley Bank.
The stablecoin fell to $0.89 but recovered to $1 on Monday. Circle has announced that it will enable automatic USDC redemptions by establishing a new banking relationship with Cross River Bank.
Stablecoins are cryptocurrencies designed to maintain a stable exchange rate for traditional currencies. USDC is the second largest stablecoin with a market capitalization of $37.62 billion.
Over three days, Circle processed $3.82 billion in USDC redemptions and created $820 million more in tokens, which automatically means that investors earned around $3 billion over the three days.
The active outflows come after US banking regulators issued a new order that crypto-related bank deposits could be subject to liquidity risk.
Over the past week, investors withdrew $6 billion from the coin.
Extending the deal at any time would harm the interests of former Voyager customers who want their funds back.
A New York district court has denied a US government order to stop Binance.US’ acquisition of bankrupt brokerage Voyager. Any kind of extension of the transaction would be detrimental to the interests of Voyager’s former customers.
The decree not to accept the government’s request was approved on March 15. The court rejected the government’s request to stay the confirmation order, that is, to add additional days to implement the bankruptcy plan.
Court approval for Binance.US: Voyager acquisition was granted on March 7. A judge allowed the trading platform to close the sale of Binance. The United States. He rejected the Securities Exchange Commission’s counter-report that the transfer of funds from Voyager to Binance.US violated US securities laws.
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