Assessing Tron CEO Justin Sun’s take on SVB saga and USDC depegging

ambcrypto.com:

Tron founder and CEO Justin Sun is among the blockchain industry leading figures that have weighed in on SVB saga and USDC’s depeg.

The latter was not as bad as the UST depeg that occurred last year but it highlights vulnerabilities that may bring about huge losses.

Is your portfolio green? Check out the Tron Profit Calculator

Sun revealed that he was concerned about USDC’s depegging. The reason for this concern is that Circle, the company behind USDC happens to be one of Tron’s biggest partners.

He also revealed that Tron is currently keeping a close eye on USDC on account of the robust exposure that it has to the stablecoin.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 12, 2023

The CEO also disclosed the total stablecoin transfer volume on the TRON network. According to the update, USDT had the highest transfer volume at 9.8 billion, followed by USDC at 2.1 billion. TUSD was ranked third at 1.1 billion.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 12, 2023

The level of USDC transfer volume is significant enough to cause a sizable impact in case of a severe depeg such as that of UST.

Fortunately, Circle and all the involved stakeholders have been aggressively working towards restoring USDC’s peg and so far it appears to be working.

The USDC peg recovered to $0.994 on Gemini at the time of writing. However, it was lower on other exchanges such as Binance and