The SEC Is Targeting Action Against Circle as the Innocent Depositor

A huge 3 billion in USDC was redeemed on Friday, with a further 1.2 billion converted into MakerDAU's on-chain stablecoin die. On Sunday night, once the panic had subsided and the government had made clear that depositors would be made whole, the USDC peg began to repair itself. As redemptions became available again on Monday morning, USDC quickly snapped back to trade at par.