Circle’s USDC Redemptions Reaches $2.5 Billion In 24Hrs, Exchange Inflow $7B

Stablecoin issuer Circle’s USD Coin (USDC) redemptions reach over $2.5 billion in the last 24 hours. Investors move away from USDC stablecoin as Silicon Valley Bank (SVB), one of the six banking partners that managed 25% of reserves, was closed by a U.S. regulator and transferred to the U.S. FDIC to protect depositors.