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Mar 23, 2023 - As a DeFi analyst, I've been closely tracking the impact of the recent USDC depegging crisis on the DeFi ecosystem using flipside warehouse, Sql and excel. One important question that has arisen is which stablecoins were affected by the depeg and how it impacted the market. After USDC's depeg, many users were concerned about potential losses and decided to sell their USDC. The majority of these users converted their USDC to other stablecoins, with the largest swap being from USDC to USDT, followed by WETH. This shift happened quickly, with the majority of swaps taking place in the first hour and transaction volumes gradually declining over time. It's interesting to note that in the early hours following the depegging event, many users showed fear and transferred their assets to both centralized and decentralized exchanges (CEXs and DEXs). Approximately 70% of the transferred amount went to these exchanges, with Coinbase receiving the largest amount of USDC among CEXs. Overall, this event highlighted the importance of risk management in DeFi and the potential risks associated with stablecoins. As DeFi continues to grow and mature, it's crucial for investors and analysts to stay informed and make informed decisions to mitigate risks and ensure sustainable