Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank’s Shutdown
![Circle’s USDC Endured $1B of Net Redemptions Since Silicon Valley Bank’s Shutdown](https://i0.wp.com/www.cryptobreaking.com/wp-content/uploads/2023/03/filing-shows-blockfi-has-uninsured-227m-in-silicon-valley-bank-mmmf.jpg?fit=840%2C560&ssl=1)
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