According to news on March 14, USDC and DAI have recently de-anchored from the U.S. dollar, triggering a frenzy of loan repayments last weekend, allowing debtors to save more than $100 million in loans in total.
Following the collapse of Silicon Valley Bank (SVB) on March 10, USDC fell to a low of $0.87 on March 11 amid fears that its reserves would be locked in SVB. MakerDAO’s stablecoin DAI was also briefly depegged, reaching as low as $0.87 on March 11. $0.88.
Against the backdrop of broader cryptocurrency market turmoil, stablecoin de-anchoring led to more than $2 billion in loan repayments on DeFi lending protocols Aave and Compound on March 11, according to a report from digital asset data provider Kaiko, More than half of this was done with USDC, and another $500 million in debt was also repaid in DAI on the same day. This trend is gradually weakening as USDC and DAI start to anchor back.
On March 12, total loan repayments in USDT, USDC, DAI, and other stablecoins were only about $500 million, and on March 13 it was about half that amount.
Overall, blockchain analytics firm Flipside Crypto estimates that USDC debtors saved $84 million in loan repayments during the stablecoin unpeg. And those who used DAI saved $20.8 million.