Redemption continues to far exceed coin issuance.

Even after the company has returned deposits that were entangled in the SVB crisis, customers are still redeeming the Circle USDC Coin stablecoin at a faster rate than they are purchasing it.

According to researcher CryptoCompare, users repurchased $738.6 million on March 20, while Circle only released fewer than 9 million tokens on the Ethereum network.

Investors prefer USDT.

According to CryptoCompare analyst Jacob Joseph, “Recent worries about terminating banking partners seem to have moved customers to USDT and other stablecoins instead of USDC.”

As the SVB closed, where the stablecoin issuer had $3.3 billion of its reserves, Circle’s issues started. The USDC was meant to maintain the dollar at 1:1, but after around 36 hours, it dropped to 86 cents.

Since receiving the funds on March 13 and transferring them to new banking partners, the coin has regained its peg.

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