USDC stablecoin capitalization decreases by 20% in a month
The figure has dropped from $49,4 billion to $43,8 billion
26.10.2022 - 13:45
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What’s new? According to data from aggregator CoinMarketCap, the market capitalization of the USD Coin (USDC) stablecoin from the issuer Circle has decreased by almost 20% over the last 30 days, from $49,4 billion to $43,8 billion. The asset has fallen from 4th to 5th place in the overall ranking of cryptocurrencies. Notably, about $5 billion was withdrawn from the project on September 26. In this, the peak capitalization of USDC came in July 2022, reaching the mark of $55,9 billion.
More details about the situation. The capitalization of the stablecoin plummeted after US sanctions were imposed on cryptocurrency mixer Tornado Cash when Circle blocked 75 000 USDC associated with the service. After these events, investors converted a total of $1 billion from USDC to the Tether (USDT) stablecoin.
USDC’s capitalization decline may also be due to the updated policy of crypto exchange Binance, which began converting some stablecoins into its own stablecoin, BUSD.
Also, amid Circle’s sanctions asset freeze, MakerDAO founder Rune Christensen proposed that the project’s stablecoin, DAI, be depegged from USDC, which makes up a significant portion of the asset’s collateral. Later, the Maker community approved a proposal to deposit 1,6 billion USDC into the Coinbase crypto exchange at 1,5% per annum.
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