The Rise of DEXs and USDC Amidst Crypto Banking Woes
TL;DR
Following the collapse of Silicon Valley Bank, there was a surge in outflows from centralized exchanges (CEXs) to decentralized exchanges (DEXs), with users loading up on USD Coin (USDC) due to confidence in the stablecoin. Chainalysis noted that USDC was one of the top assets being moved to DEXs, with some crypto users betting that it would regain its peg. However, the surge in daily trading volumes for large DEXs was short-lived in both cases.
- Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash Cointelegraph
- Crypto Faces a Banking Crisis. For Some, It’s a Conspiracy WIRED
- Crypto Companies Are Asking Jamie Dimon to Hold Their Money New York Magazine
- Crypto currency is the new subprime mortgage scheme Herald-Mail Media
- Opinion: Crypto Will Survive Banking Woes—Here’s How Barron's
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