USDC currently demonstrates outstanding stability, with its USD peg maintained within the 0.9993 to 1.0007 range. Liquidity is ample, with an average daily trading volume between $150 million and $200 million, and market recognition is high. Recently, the DeFi lending sector saw USDC utilization rates soar above 95% due to the Kelp DAO incident, with lending rates reaching 8-10%, indicating localized liquidity stress and heightened hedging demand. Major whales have been reallocating funds across platforms, with some pools' TVL exceeding $400 million and individual accounts holding over 20%, highlighting USDC’s core role in high-net-worth hedging and arbitrage strategies. Inflows to the US market have strengthened, ETFs maintain net inflows, and USD liquidity is sufficient, providing stable external support for the USDC ecosystem. Recommendation: In the short term, USDC's liquidity and price peg are highly robust, so maintaining the current allocation is advised. Attention should be paid to risk release in the DeFi market and whale behavior’s effect on local liquidity, to prevent individual platform risk exposures.

Recent daily charts show USDC trading within the 0.9993 to 1.0007 range, with minimal intraday volatility, indicating effective USD pegging. Meanwhile, daily trading volumes remain between $150 million and $200 million, with stable capital flows and no signs of one-sided surges or liquidity exhaustion. The stable trading scale and extremely narrow price spread reflect broad market recognition of USDC. In the short term, its role as a settlement and liquidity pool tool has not been impacted by external events.

As the Kelp DAO-related incident unfolded, multiple on-chain protocols adjusted USDC risk controls. A leading lending platform suspended its USDC lending market, retaining only liquidation functions and reopening collateral deposits, reflecting caution towards potential counterparty risks. Meanwhile, in ecosystems like Solana, USDC utilization in several lending markets soared above 95%, with corresponding lending rates jumping to over 8-10%, reflecting a combination of short-term liquidity shortages and speculative demand. Against this backdrop, beyond its core reserve function, USDC has taken on dual roles as a safe haven and liquidity supplement in certain high-leverage scenarios.

DeFi lending protocol Compound has suspended multiple markets, including Ethereum mainnet WETH, USDC, wstETH, and WETH on OP, Base, Arbitrum, Unichain, and Linea, following the Kelp DAO attack. Liquidation functions remain active, and collateral deposits have been restored. Compound continues to assess the impact based on Kelp DAO's actions and will provide updates accordingly.

Compound Speaks Out on Kelp Incident: Suspended Multi-Chain WETH and Other Markets, Collateral Deposits Now Restored

Following the KelpDAO rsETH hack on April 20, Solana's DeFi ecosystem saw a surge in stablecoin lending rates and utilization. Jupiter Lend's USDC utilization soared to about 99% with a lending rate of 4.36%. Kamino Prime Market's USDC utilization reached nearly 96% at an 8.92% rate, while Kamino Main Market hit 95.75% utilization with a 10.2% rate. Save Finance's utilization exceeded 70% at 3.9%, and Marginfi's USDC utilization rose to 88.32% with a 7.65% rate.

Solana ecosystem stablecoin lending rates and utilization rates soar, Jupiter Lend USDC utilization rate surges to 99%

Reserve has temporarily suspended the minting, rebalancing, and RSR unstaking functions for eUSD and USD3 due to the LayerZero bridge attack on Kelp DAO. The protocol closely monitors the situation and believes Reserve DTF holders are largely unaffected. While a significant devaluation of rsETH could impact Aave V3's USDC collateral, RSR stakers provide minimal first-loss protection with sufficient over-collateralization. Redemption remains open.

Reserve: The minting and rebalancing of eUSD and USD3 have been temporarily suspended, but redemption functions remain fully operational.

Recently, several large USDC cross-platform transfer and trading activities were observed. A well-known address withdrew over $55 million USDC from a centralized exchange and injected it into the Spark pool; another whale deposited $3 million USDC into a leverage platform to increase their Bitcoin short exposure; previously, proceeds from selling tens of thousands of ETH, totaling nearly $24.91 million, were also converted into USDC. These concentrated capital changes pushed some pool TVLs above $100 million—with the Spark USDC pool now at $467 million and a single account holding over 22%. Such frequent whale movements may amplify the load on specific platforms but also highlight USDC’s pivotal role in strategic hedging and cross-market arbitrage.

On April 20, Justin Sun withdrew 55.01 million USDC from HTX and deposited it into Spark, bringing his total deposits into Spark to 179 million USD. This move follows Aave's suspicion of bad debt.

Sun Yuchen deposited 55.01M USDC into Spark again, bringing the total deposited funds to $179M.

Trump claims the new agreement will surpass the Iran nuclear deal, with a ceasefire extension unlikely. Trend Research moved significant UNI and COMP tokens. Controversy surrounds Wash’s leaked testimony, possibly reducing hearing attention. Spark's USDC pool TVL is $467 million, with Sun Yuchen holding 22.5%. A whale withdrew and sold ETH to repay a loan. Bitcoin ETF inflows exceed $1 billion this year. Kelp incident may cause $300 million Aave bad debt. Claude Desktop exposed for a browser backdoor. OCBC Bank plans tokenized gold funds on Ethereum and Solana. Another whale traded ETH for ASTEROID tokens.

Planet Daily News

On April 19, a whale deposited 3M USDC into HyperLiquid and increased their BTC short position to 700 BTC with 30x leverage. The short position is valued at about 52.89M USD, with an entry price of 75,919 USD and a liquidation price of 80,839.93 USD.

A whale deposited 3.00M USDC into HyperLiquid and increased its BTC short position by 30x leverage.

A whale withdrew 10,829 ETH (worth $24.91 million) from Aave following the rsETH incident and sold all of it today at $2,300 per ETH, converting to 24.91 million USDC. The ETH was originally purchased in March at $2,081, resulting in a profit of $2.41 million.

A certain whale withdrew over 10K ETH deposits from Aave and sold them due to the rsETH incident.

Recently, buy-side sentiment in the US market has clearly improved. Bitcoin’s premium on major platforms has remained positive for successive days, indicating robust USD inflows and greater institutional participation. Although spot trading volumes are somewhat subdued, decreased funding rates for derivative longs reflect market caution toward further upside, and there is a reduction in demand for downside protection in options. However, ETFs continue to see net inflows, and long-term holders remain confident, providing a steady external environment for USDC’s capital carrier role within the ecosystem. Overall, ample USD liquidity in the macro environment is conducive to the USDC’s continued efficiency in settlement and trading.

According to Coinglass data on April 16, Coinbase's Bitcoin premium index has been positive for 8 consecutive days, currently at 0.0401%, indicating a continued recovery in US market buying sentiment after 15 days of negative premium. The index measures the price difference of Bitcoin on Coinbase compared to the global average, reflecting US market capital flow, institutional interest, and market sentiment. Positive premium suggests strong US buying, active institutional participation, ample dollar liquidity, and optimistic investor sentiment.

Buying sentiment in the US market continues to improve, with the Coinbase Bitcoin premium index remaining positive for 8 consecutive days.

Glassnode's latest report highlights intensified market tug-of-war with spot CVD turning negative, indicating increased selling pressure and emerging bearish sentiment. Futures show rising risk appetite but declining long funding rates, reflecting growing bearishness. Options suggest reduced downside protection demand and neutralizing volatility. Meanwhile, US spot ETFs see rising MVRV and inflows, boosting investor interest and supporting cautious optimism amid stable long-term holder confidence.

Glassnode: Market bullish and bearish struggles intensify, spot CVD turns negative indicating increased selling pressure, but ETF inflows provide support.

According to Coinglass data on April 21, the Coinbase Bitcoin premium index has remained positive for 12 consecutive days, currently at 0.04%, indicating a continued recovery in US market buying sentiment after previously being negative for 15 days. The index measures the price difference of Bitcoin on Coinbase compared to the global average, reflecting US market capital flow, institutional investment interest, and market sentiment.

Buying sentiment in the US market continues to improve, with the Coinbase Bitcoin premium index remaining positive for 12 consecutive days.

Morph L2 Bridged USDC (Morph L2)

Crypto Market Shows Strength; Fed Chair Nominee Backs Crypto's Role in Finance

Safe-haven retreat + rising expectations of interest rate cuts, dollar bulls collectively retreat!

Eurozone: Stagflation risk builds after Iran conflict – Rabobank

200.00M USDC were transferred from the USDC Treasury to Coinbase

USD: Stagflation Risk Supports Resilience – OCBC Bank

ECB: Limited case for renewed rate hikes – Commerzbank

Fed rate cut pushed back to late 2026 on war-related inflation risks

The Federal Reserve is expected to cut interest rates at least once this year, supported by 71 economists.

The focus of stablecoin competition is shifting.

Simkus: Cannot rule out the possibility of the European Central Bank raising interest rates this year.

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