Financial Firms Exchange USDC for Cash amid Growing Stability Concerns
Financial firms are buying and selling USDC as concerns about its stability continue to grow. Fears of a run on the stablecoin were sparked by the Silicon Valley Bank (SVB) closure. So, several companies sold their USDC for USD cash. Jump Trading, Wintermute Trading, Genesis Trading, and BlockTower Capital are among the companies that have converted their USDC holdings via Circle and Coinbase cryptocurrency exchange platforms.
Financial Firms Take Divergent Paths with USDC amid Stability Concerns
On the other hand, some firms are buying USDC at the bottom of the market. Moreover, Justin Sun, IOSG Ventures, Chain Capital, Hashed, Kyber Ventures, Spartan Group, Infinity Ventures Crypto, Signum Capital, LedgerPrime, Dokia Capital, LD Capital, and Alpha Citadel Ventures have traded USDC for DAI, USDT, USDP, BUSD, and ETH. Justin Sun, through the use of three different addresses, traded 127 million USDC for 126.96 million DAI. Vitalik.eth also swapped 500 ETH for 400,359 USDC and 27,179 DAI.
Jump Trading sent 169.68 million USDC to Circle, and Wintermute Trading and BlockTower Capital sent Coinbase 25 million USDC and 9.96 million USDC, respectively. Moreover, Worthalter made a trade in which he got 893,439 USDT and 106,766 BUSD in exchange for 1,081,909 USDC.
Financial Firms Shift Holdings as USDC Stability Concerns Grow
IOSG Ventures converted 118.73 million US dollars in USDC into 105.67 million US dollars in Tether and 3.98 million dollars in ETH. Kyber Ventures converted 16.34 million Canadian dollars into 16.34 million US dollars. Hashed exchanged 6,626,384 USDC for 6,142,480 USDT. The Spartan Group converted 2.5 million USDC into 2.243 million USDT. Signum Capital traded a total of 2,729,260 USDC for 2,531,743 USDT. Infinity Ventures Crypto traded 2.18 million USDC for 1.277 million ETH, while LD Capital traded 1 million USDC for 229,956 USDT and 488 ETH. Alpha Citadel Ventures converted 231,038 USDC to USDT.
The recent buying and selling of USDC by different financial firms highlight the importance of stablecoin stability and effective risk management in the cryptocurrency market. As concerns about the stability of USDC continue to grow, firms are taking proactive steps to protect their customers and safeguard their accounts. While some firms are selling their USDC holdings, others are buying them at the bottom of the market, showing that there is still confidence in stablecoins despite recent developments.