$USDC The recent market trend of USDC has been quite peculiar, with the price stubbornly pinned at 1 dollar while hidden currents are at play. Although the official claim states that the reserves are 100% safe, on-chain data has revealed that Circle quietly redeemed 3.8 billion USDC last month, resulting in a sudden 15% drop in circulation. Even more subtly, these redemptions occurred at 3 AM in Asia, perfectly avoiding the US stock trading hours, reminiscent of a game of "quietly reducing the balance sheet".

Institutional operations are becoming increasingly fragmented. BlackRock is using USDC as a settlement tool for its money market funds while simultaneously continuing to sell off positions in dark pools. The most ironic part is that when the US banking system faced turmoil, everyone regarded USDC as a safe-haven asset; now that the Federal Reserve has hinted at interest rate cuts, this smart money is collectively flowing back to banks to earn 5% risk-free interest.