Stablecoins, in general, suffered immensely post the TerraUSD (УПОТРЕБА) de-pegging event. This event saw UST drop from its once-stable $1 parity to today’s $0.06 per UST. Now, to refill that lost trust, the second largest stablecoin (USDC) provider Круг has taken some measures.
Circle published a blog post on 13 May, called ‘How to Be Stable’. This post incorporated Circle’s efforts around trust and transparency with USDC.
Have some faith
Well, cryptocurrency exchanges did showcase some faith in the 2nd largest stablecoin within the ecosystem. The Crypto Exchange OKX објави the listing of LUNA/USDC, SOL/USDC, DOGE/USDC, FIL/USDC, DOT/USDC, NEAR/USDC, APE/USDC, AVAX/USDC, ADA/USDC, and SHIB/USDC on spot trading markets. Ergo, continuing to support the development of the USDC ecosystem.
Ereереми Алајер, the Chief Executive of Circle acknowledged this development in a tweet on 23 May that чита:
“Flight to quality and safety expressed in spot markets on top exchanges. More to come soon!!”
Such narratives could play a vital role in providing some certainty amidst the chaos. Well, it did seem to work as the trading volume се зголемија by more than 24% in the past week. In addition to maintain transparency, Allaire further promised weekly USDC reserves and liquidity operation reports.
„Како што ветивме пред една недела, сега обезбедуваме неделни извештаи за резервите на USDC и ликвидносните операции“, Алаир Твитер. Алер исто така го сподели Извештај за уверување на USDC и понатаму рече: “Over the past week, we saw 8.6 billion USDC issued, and 6.3 billion USDC redeemed, with a net weekly increase in circulation of 2.3 billion USDC.” The Circle’s CEO further додадени:
“What makes USDC such a great product is that it’s easy to create and redeem, with seamless integration with the existing global banking system. As a result, customers are able to use it as a very efficient pipe between legacy electronic dollars and digital currency dollars.”
Having said that, consider the timing of this news; the 2018 “ICO era” scam wallet activated as developers tried to withdraw $22 million in USDC.
Леле, во текот на изминатиот викенд, паричниците на Sparkster од измамата со ICO од 2018 година станаа активни за прв пат во ~ 3 години, заменувајќи 14,200 ETH за 22.7 милиони долари USDC во 5 паричници.https://t.co/N1DCOzx9uQ pic.twitter.com/vHKzsjOO8i
— ZachXBT (@zachxbt) Може 22, 2022
Any repercussions?
Well, not at least in the short-term. Here are a few bullish signs. The Exchange Net Flow reached an ATL of -$20,349,225.13. Ergo, signalling a bullish shift in investor sentiment. The previous ATL of -$17,229,420.56 was observed on 27 April 2022.
Извор: Стаклена лента
Consistent outflows would represent strong holding sentiment and take out circulating supply from the market. Moreover, the number of addresses with a non-zero balance witnessed a surge as well.
Извор: Стаклена лента
Source: https://ambcrypto.com/post-usts-depegging-fiasco-data-seems-to-suggest-returning-interest-in-stablecoins/