Circle’s USDC Stablecoin Endures $1B Net Redemptions Since Silicon Valley Bank Shutdown, Nansen Data Shows

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.