The Block: Since last Friday, USDC net redemptions have exceeded 4.5 billion dollars

ChainCatcher news, according to data from The Block, since last Friday, USDC redemptions have reached $6.2 billion, with minting at $1.66 billion, resulting in a net redemption of slightly over $4.5 billion.

The Block Research's head of research, Steven Zhang, stated that despite Circle initiating redemptions and assuring that they will be backed by reserves, USDC holders still seem to feel nervous about the current environment. Given that Circle holds cash reserves in many other banks, a bank run similar to that of Silicon Valley Bank could lead to USDC becoming unpegged again. (source link)