USDC market cap has shrunk almost $7B since October 2022 News โธ USDC โธ 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.
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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.ย
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.ย ย
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.ย
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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
$1.00014
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 (USDโฎ 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.
