Debtors saved over $100M using de-pegged stablecoins to repay loans
The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million off their loans. Following the collapse of Silicon Valley Bank (SVB) on March 10, the USD Coin (USDC) preço dropped to lows of $0.87 on March 11 amid concerns about its reserves being locked at SVB. MakerDAOs stablecoin DAI also depegged briefly, going as low as $0.88 on March 11, segundo para CoinGecko. The depegging, in the backdrop of broader crypto turmoil, led to more than $2 billion in loan repayments on March 11 on decentralized (DeFi) lending protocols Aave and Compound — with more than half made in USDC, according to a Denunciar by digital assets data provider Kaiko. Another $500 million in debts were paid in DAI on the same day, it noted. This tapered off as both USDC and DAI started heading back toward their peg. The following days did not have anywhere near as many repayments, with a rough total of only $500 million in loan repayments across Tether (USDT), USDC, DAI and other coins on March 12, and half of that on March 13. Overall, blockchain analytics