The fear, uncertainty, and doubts surrounding the second largest stablecoin USDC, issued by Circle, have significantly reduced in the past 24 hours following a bailout by the United States Federal Reserve. As a result, Circle’s USDC has re-pegged to the ratio of 1:1 with the United States dollar, following a dip towards $0.87 during the weekend.
Notably, Circle’s USDC de-pegged after the collapse of several banking institutions in the United States, including ធនាគារស៊ីលីខនវ៉ាលលី, Signature Bank, and Silvergate Capital, where the stablecoins’ issuer had secured part of its reserves.
According to on-chain analytics by Lookonchain, the total supply of USDC has increased by approximately $493.2 million in the past 24 hours following two whale mints on the Ethereum network.
Source: https://coinpedia.org/news/usdc-re-pegs-after-feds-25b-bailout-bitcoin-price-bounces-to-22-2k/