Borrowers Save $100M From Their Stablecoins

The difference between USD Coin (USDC) and Dai (DAI) and USD parity saves borrowers over $100 million in total loans.

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Flipside Crypto, one of the leading blockchain analytics firms, has allegedly saved $84.1 million in loan repayments, while stability issues for USDC borrowers continue. On the DAI side, users reportedly saved $20.8 million due to stability issues. Following the collapse of Silicon Valley Bank (SVB) on March 10, USDC issued a statement stating that it had reserves at SVB. After these events, USDC fell to $0.87, causing panic in the cryptocurrency market. In the chain of events, many user saves can be seen.

Stablecoin development continues

Screenshot 2023 03 14 11.13.32

Stablecoins, which have been having problems for the past few days, are under attack. Among stablecoins that deviate from USD parity, especially USDC, the impact is large. Circle, the issuer of USDC, said it would address the situation by pointing to a March 13 date for the event.

With USDC and DAI approaching the dollar party, the dark clouds have lifted for the cryptocurrency market. With successive positive developments, positive events not only in the field of cryptocurrencies, but also in other fields. Along with the problem of stablecoin, the report reflects that there are many users who have saved “credit repayment”.

Information source: compiled by 0x information from COINKOLIK.Copyright belongs to the author, without permission, may not be reproduced

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