Circle Minted $407,000,000 Worth of USDC

According to the latest reports, it seems that Circle minted about $407 million worth of USDC. Check out the latest reports about all this below.

Circle has minted hundreds of millions of dollars worth of US Dollar Coin (UDSC) as the second-largest stablecoin by market cap recovered 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 the time of writing.

“On March 12, blockchain analytics and research firm Nansen found that Circle minted $407,800,000 worth of USDC at once,” the online publication the Daily Hodl notes.

This move was made 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 minting in the last 7 days

Hourly net change: +$463.8 million.”

The price of Bitcoin (BTC) is soaring as the Biden Administration races to prevent the collapse of Silicon Valley Bank from triggering a mass exodus at regional banks across the U.S.

“The U.S. Treasury Department is conducting a series of emergency meetings to determine whether it should ensure all depositors at SVB will be made whole after the bank’s sudden collapse,” reports the Washington Post.

The outlet cites people with knowledge of the matter who are speaking on internal deliberations at the Treasury Department, Federal Reserve and FDIC.

“Federal authorities are seriously considering safeguarding all uninsured deposits at Silicon Valley Bank, weighing an extraordinary intervention to prevent what they fear would be a panic in the U.S. financial system.”

Stay tuned for more news from the crypto space.