Is USDC a stablecoin?

USDC is the second-largest stablecoin on the market, with a $43 billion circulating supply that is fully backed by government bonds and cash-like assets. According to Circle’s January reserve report, the firm held some $9.88 billion of cash deposited at regulated banks to back USDC’s value.

What happened to Circle Internet financial's USDC stablecoin?

Circle Internet Financial’s USDC stablecoin had some $1 billion in net redemptions since Friday morning when Silicon Valley Bank (SVB), one of Circle’s banking partners, was shut down by regulators, blockchain transactions from crypto intelligence platform Nansen show.

How much is USDC backed by a bank?

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. Investors grew concerned with the stablecoin’s stability after SVB, one of the banks where Circle held a part of USDC’s backing assets, suffered a bank run.

What is US Dollar Coin (USDC)?

U.S. Dollar Coin (USDC), the $6 billion stablecoin developed by Circle Internet Financial and backed by cryptocurrency exchange Coinbase, has launched on the stellar blockchain.