On-Chain Data Reveals How Crypto Trading Firms Worked the USDC Stablecoin Repeg

Trading firms were quick to jump on the USD coin (USDC) long trade last weekend as the stablecoin, which was meant to be pegged 1:1 to the U.S. dollar, fell to as low as 87 cents on news that Circle Internet Financial, the token’s issuer, had exposure to Silicon Valley Bank, the bank that collapsed last Friday.