How did this happen
On March 13, the volume of the USDC stable coin reached a maximum value of $4.4 billion. They were frozen in the PSM mechanism. At the time of writing, the deposited stable coins in the project amount to $521 million.
The leading share lies in different versions of the "wrapped" Ethereum. In total, the value of WETH and WSTETH is more than 69%. The amount of assets in the blockchain that are frozen reaches about $ 6.3 billion.
Prior to this, the crypto community of the project began to hold an emergency vote. It is designed to limit the impact of the USDC stablecoin troubles on the DAI stable coin. The adjustment steps began on March 13.
At the same time, the project analyst told The Block that the reserve of a stable coin is decreasing. This is due to the fact that methods of making a profit from this inefficient crypto asset have emerged.
This month, the platform has increased the amount of US Treasury bonds in reserves. The figure reached $1.2 billion against the early 500 million in reserves. Steps in this direction began in October last year.