USDC market cap has shrunk almost $7B since October 2022 News ▸ USDC ▸ Stablecoins
USDC market cap has shrunk almost $7B since October 2022
The Tether stablecoin has also seen a small decline but remains steady with a market cap of $68.9 billion.
1 min read
Updated: Jun. 23, 2023 at 10:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
About $7 billion worth of value has left the Circle-backed stablecoin USDC since October, according to Glassnode data analyzed by CryptoSlate.
The charts above show the market caps of USDT and USDC – both stablecoins that are pegged to the US dollar – since Jan 2020. Movements in both lines largely mimic each other until around Nov. 2022, after the collapse of FTX, with USDC beginning to lose market cap.
Prior to the collapse of FTX in October 2022, Tether had a market cap of $69.95 billion, compared with USDC’s $47.33 billion.
Today, USDC currently has a market cap of US$40.96 billion, nearly $7 billion less than it had prior to FTX’s collapse. USDT’s current market cap is $68.48 billion, also down from October 2022 but a smaller drop compared to USDC.
The news comes on the heels of a wider shakeup in the stablecoin industry, with regulators in the US beginning to scrutinize the issuance of BUSD, Binance’s stablecoin, issued by the US-based blockchain entity Paxos.
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Dorian Batycka
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$1.00007
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.