USDC is back at $1 but $70 million in fresh DeFi positions are at risk of liquidation if the stablecoin drops by 10% from its peg again this week. Reporting by oknightcrypto
Traders using decentralized finance protocols to bet on a USDC revival over the weekend are at risk of eight-figure liquidations if the stablecoin loses its $1 peg again this week., there are $70.8 million in positions that can be liquidated between $1.00 and $0.895, with two recently filled positions on interest protocol Compound being worth $20.7 million and $15.4 million, respectively.after Circle, the company that issues the stablecoin, announced that it had $3.
Circle revealed Sunday that the $3.3 billion would be available at U.S. banks on Monday, quelling fears over a potential suspension in redemptions. Circle has a facility that allows users to redeem one USDC token for one U.S. dollar., the first of two Compound positions worth $20.4 million will be liquidated if USDC hits $0.985; the price point for the other position is at $0.925.
Liquidations on Compound occur when a user borrows an asset and the value of the borrowed assets become greater than collateral. In this case, users can borrow other crypto assets – such as other stablecoins – by using USDC as collateral.
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