Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank’s Shutdown
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USDC is the second-largest stablecoin, trailing only Tether’s USDT, and a backbone of the crypto ecosystem. The token’s value is backed by U.S. government bonds and cash-like assets, including a total $11.1 billion of cash deposits at various regulated banks, according to Circle’s website.
Source: CoinDesk
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Text source: Crypto Breaking News
