Stablecoins have become a critical component of the cryptocurrency ecosystem, providing users with a stable store of value that is pegged to a fiat currency, such as the US dollar. In recent years, the growth of non-volatile assets has been a clear trend, and various projects have proposed different models to define their own stablecoins.

To date, the most significant stablecoins are USDT, commonly known as Tether, and USDC, known as USDC Coin. USDC is a digital stablecoin that is pegged to the United States dollar and is managed by a consortium called Centre. Centre was established by Circle and comprises members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle.

However, recent news about SVB Bank has had a negative impact on the stability of stablecoins, particularly USDC. SVB Bank is a Silicon Valley-based financial institution that has become a leading bank for startups and venture capital firms. Unfortunately, recent news about SVB Bank has caused USDC to lose its peg to the US dollar, leading to a significant loss of trust in the stablecoin.

Specifically, nearly 3.3B USDC was held by SVB Bank, leading to concerns about the stability of USDC and the broader stablecoin ecosystem. The loss of trust in USDC has significant implications for the cryptocurrency industry, as stablecoins are a critical component of many cryptocurrency exchanges and trading pairs.

Furthermore, the loss of trust in USDC has highlighted the need for greater regulation and oversight of stablecoins. Unlike traditional fiat currencies, stablecoins are not subject to the same regulatory framework, which has raised concerns about their stability and potential risks to the broader financial system.

In conclusion, the recent news about SVB Bank has had a significant impact on the stability of stablecoins, particularly USDC. The loss of trust in USDC highlights the need for greater regulation and oversight of stablecoins, as they are a critical component of the cryptocurrency ecosystem. As the cryptocurrency industry continues to evolve and mature, it is likely that stablecoins will play an increasingly important role, making it essential to address the issues surrounding their stability and regulation.

For this reason, we will try to track the activity on Optimism not only of USDC but also of other stablecoins over the past days since the depegged in order to see if these most popular stablecoins so far experimented some anomalies since this news, and if this event affected the flows of USDC stablecoin on Optimism ecosystem.

Furthermore, we will compare USDC transactions and volume market share from the global stablecoin market on Optimism. To do that, we will explore the following stablecoins:

• USDC
• USDT
• USDH
• UXD
• PAI
• DAI
• FRAX