Key Points:

• 82 million USDC are transferred to DAI by Justin Sun’s address from Aave V2.
• The stablecoin’s price has dropped below $0.95 USD, marking the lowest level since it was launched in 2018.

On March 11, a fresh transaction using USDC was discovered on the Justin Sun address, according to Paidun’s monitoring data.

Justin Sun’s address withdrew 82 million USDC from Aave V2 and converted them all into DAI before withdrawing 11.6 million USDC from Aave V2, according to Paidun’s monitoring data. The USDC depeg has dropped below $0.95 USD, as previously reported by Coincu, making it the stablecoin’s lowest price since it was founded in 2018. It’s unclear why Justin made the trade.

Recently, Justin has completed several million dollar transactions. Additionally, on the previous day, he transferred over 100 million USDC to the Huobi exchange. Justin Sun said earlier today that Huobi will invest $100 million USD to create a liquidity fund and will bear the full loss of leveraged positions as a result of HT market volatility. Sun regrets the volatility brought on by a few user-leveraged clearing houses for HT users.

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The company plans to invest $100 million in creating a liquidity fund, as well as continuing to enhance the primary currency, HT liquidity depth, alerts leverage, and liquidity.This will increase the Huobi platform’s multi-currency liquidity. Additionally, Justin Sun said that Huobi intends to keep the neighborhood informed about the progression of this event.

When parent company Circle acknowledged speaking with Silicon Valley Bank, the value of USDC fell below $1. After a period of silence and pressure from the cryptocurrency community, stablecoin startup Circle revealed that $3.3 billion, or 8.25% of total assets, was impacted by Silicon Valley Bank’s failure. More than expected, USDC will receive $40 billion in collateral. As investors scrambled to convert from USDC to USDT once they were unable to transfer funds directly to USD, the price of USDC/USDT on Coinbase plummeted to $0.9364. This is the stablecoin’s lowest price level since its launch in 2018.