The popular stablecoin USD Coin (USDC) has seen outflows of around $3 billion over three days this week, issuer Circle said in a blog post on Thursday.

According to the blog post, Circle redeemed $3.8 billion USDC and minted $0.8 billion new USDC tokens between Monday and Wednesday this week, making the net outflow $3 billion.

The massive outflows came after reports emerged over the weekend that Circle had $3.3 billion out of $40 billion in USDC reserves deposited in the now-collapsed Silicon Valley Bank (SVB).