The stablecoin market has seen significant changes over the past few weeks — including the removal of over 7 billion USDC stablecoins from circulation following the depegging event on March 11.

Since then, USDC and other stablecoins have been re-pegged, and Circle’s stablecoin is currently trading at $1 on several centralized trading platforms as of March 18.

De-peg causes sell-off

USDC hit a price point of $0.877 per coin during the de-peg alongside six other stablecoins which also lost their dollar peg on the same day. Nonetheless, USDC and the other stablecoins have since reattained parity with the dollar — with Circle’s stablecoin trading at $1 on several centralized trading platforms since March 17.

On March 6, roughly 43.89 billion USDC was in circulation. On March 17, 7.08 billion USDC was redeemed — falling by 10.2% over 30 days, according to on-chain data by CoinGecko.