This analysis focuses on the recent USDC de-peg on the Ethereum chain and examines the user response to this event over the past two weeks. To do so, I thoroughly analyzed the following parameters related to USDC on Ethereum:

• Comparison of USDC price with other stablecoins.

• USDC swaps on the Ethereum chain.

• Transfers to and from centralized exchanges (CEXs).

• Activities related to USDC on DEFI platforms such as AAVE.

Throughout the analysis, I compared USDC with other stablecoins like USDT, BUSD, and DAI.

Analyzed by Hess

After the collapse of Silicon Valley Bank, it was revealed that Circle, the issuer of USDC stablecoin, had $3.3 billion in reserves in SVB. This caused widespread panic that the stablecoin was no longer fully supported. However, we now know that Circle's reserves are secure. Nevertheless, centralized and decentralized markets went into turmoil over the weekend. In this article, we will explain in detail on Ethereum chain.

• To obtain the necessary information, I filtered the Ethereum hourly price table for USDC, USDT, DAI, and BUSD symbols and extracted the corresponding stablecoin data at hourly intervals.

• To analyze the swaps, I referred to the Ethereum DEX swap table and focused on swaps that involved stablecoins. Fortunately, all the required information was available in this table.

• To track transfers, I referred to the cross-chain label table to obtain the CEXs' addresses. I then used the EZ token transfer table to monitor transfers to both Ethereum and CEXs.

• To investigate the Defi aspect, I analyzed the Ethereum AAVE tables specifically for the AAVE platform.