Circle has minted hundreds of millions of dollars worth of US Dollar Coin (UDSC) as the second-largest stablecoin by market cap recovers from its recent depegging from the dollar.
USDC, a stablecoin designed to stay pegged to the value of one US dollar, fell in value to as low as $0.87 on March 11 following revelations that Circle had exposure to the collapsed Silicon Valley Bank (SVB).
The stablecoin has since regained its peg and is worth $0.998 at time of writing.
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On March 12, blockchain analytics and research firm Nansen found that Circle minted $407,800,000 worth of USDC at once in an apparent sign of the company regaining investor confidence.
“Circle minted $407.8 million USDC about 10 minutes ago
This is the largest USDC
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