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According to Web3 analytics platform Watchers, a total of 314.167 million USD Coin (USDC) was sent by its issuer, Circle, to the Ethereum null address with header 0x00 on March 13. The null address is typically used to remove tokens from circulation via one-way transactions.
On March 12, Circle announced that following a joint announcement by U.S. Treasury Secretary Janet Yellen and other regulators, all depositors with Silicon Valley Bank (SVB) — representing $3.3 billion, or 8% of the total USDC reserve — would be “fully available,” when U.S. banks opened on March 13. Jeremy Allaire, co-founder and CEO of Circle, commented:
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