314M USDC sent to null address as redemptions begin: Report

The token traded as low as $0.87 two days prior.

Highlights

• USD Coin (USDC) was depegged after a bank run after a series of failed leveraged long positions on the U.S.
• Treasury.
• Some crypto whales reportedly sold USDC at the bottom during the depegging event, causing heavy losses.
• The token traded as low as $0.87 two days prior.
• USDC was designed to be 1:1 redeemable with US.
• dollars, and its tokenomics are dictated by fiat collaterals in proportion with new token minting and burning.

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