USDC, or USD Con is the second largest stablecoin by market capitalization. USDC was first announced by Circle on May 15, 2018 and launched in September 2018. According to the official report, the underlying assets supporting USDC issuance are composed of highly liquid short-term treasury bonds and cash.

On March 11, 2023, due to Silicon Valley Bank (SVB) filing for bankruptcy, part of Circle's cash reserves in the bank were frozen, leading to a decline in market trust in USDC, resulting in large-scale runs and sell-offs. The price of USDC fell from 1 US dollar to 0.878 US dollars, and there was also a significant price difference with other stablecoins such as DAI and BUSD. Although USDC quickly restored its exchange rate with the US dollar within two days of the incident, the market's distrust of USDC caused by this incident became increasingly serious.

Since then, despite Circle launching some new features, such as Cross-Chain Transfer Protocol(CCTP), the market's distrust has led to a continuous decline in the market value of USDC.

Above are only for introduction, not intended as investment advice.