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Circle’s USDC stablecoin sees market cap plunge $10 billion over past two weeks
Circle’s USDC continues to see redemptions en masse as the stablecoin's market cap fell to about $32.5 billion, a decline of roughly $10 billion over the last two weeks.
"It appears that the events of early March have damaged the trust crypto investors and traders have in the reliability of the stablecoin, despite Circle offering full redemptions without delays for USDC," said Steven Zheng, director of research at The Block.
Net redemptions in the past 24 hours reached close to $463 billion, with $487 billion burned and just $24.1 million minted. USDC's market cap has gone from around $33.3 billion to $32.8 billion over the same period, according to data from The Block.
USDC market cap chart via CoinGecko
Troubles with the stablecoin began in early March when news surfaced that Circle had $3.3 billion of reserve funds held in Silicon Valley Bank, which led to USDC de-pegging from the US dollar. After U.S. federal bank regulators guaranteed the full return of customer deposits from Silicon Valley Bank and Signature Bank, however, Circle CEO Jeremy Allaire announced that operations would resume. Still, redemptions have continued.
Last week, Allaire addressed concerns in a post on Twitter, connecting the sell-off to a wider de-risking process among investors from projects exposed to U.S. banks and U.S. regulatory risk. For Circle, Allaire said, "we are going to keep doing what we have always done," noting that the stablecoin has "never failed to mint or redeem USDC for $1, including during the past weeks stress test."
"USDC as a protocol and digital currency continues to function on public chains, protocols and wallets uninterrupted," Allaire said.
Circle directed The Block to Allaire's tweet.
#USDC #BINAN #Stablecoins #stablecoin #crypto2023
"It appears that the events of early March have damaged the trust crypto investors and traders have in the reliability of the stablecoin, despite Circle offering full redemptions without delays for USDC," said Steven Zheng, director of research at The Block.
Net redemptions in the past 24 hours reached close to $463 billion, with $487 billion burned and just $24.1 million minted. USDC's market cap has gone from around $33.3 billion to $32.8 billion over the same period, according to data from The Block.
USDC market cap chart via CoinGecko
Troubles with the stablecoin began in early March when news surfaced that Circle had $3.3 billion of reserve funds held in Silicon Valley Bank, which led to USDC de-pegging from the US dollar. After U.S. federal bank regulators guaranteed the full return of customer deposits from Silicon Valley Bank and Signature Bank, however, Circle CEO Jeremy Allaire announced that operations would resume. Still, redemptions have continued.
Last week, Allaire addressed concerns in a post on Twitter, connecting the sell-off to a wider de-risking process among investors from projects exposed to U.S. banks and U.S. regulatory risk. For Circle, Allaire said, "we are going to keep doing what we have always done," noting that the stablecoin has "never failed to mint or redeem USDC for $1, including during the past weeks stress test."
"USDC as a protocol and digital currency continues to function on public chains, protocols and wallets uninterrupted," Allaire said.
Circle directed The Block to Allaire's tweet.
#USDC #BINAN #Stablecoins #stablecoin #crypto2023
EFFECT OF WAR ON THE CRYPTO MARKET...
AS WE KNOW IN THE PAST YEARS THE WARS AND PENDEMICS HAS EFFECTED THE GLOBAL MARKET IN HUGE WAY. IN THE TIME OF THE PENDEMIC COVID 19
THE WORLD ECONOMY AND BITCOIN HAS SUFEERED VERY MUCH #BTC☀
AND ALL THE WORLDS MAJOR ECONOMY WAS IN DANGER IT WAS CLOSE TO THE TIME OF DEPRESSION
SO ON THE BASIS OF PAST STUDIES I HAVE STUDIED THAT THE BLOCKCHAIN NETWORK SUFFERS WHEN THERE IS WAR OR SOMTHING LI]KE SITUATINS . NOW AT TIME OF THE WAR BETWEEN ISRIAL AND IRAQ WORLDS BLOCKCHASIN NETWORK CAN SUFFER SO AVOID BUYING BIT COIN AND OTHER ITS IS RISKY BUT ONE THING IS VERY TRUE THAT BIT COIN WILL NEVER BE A FAILIURE .FOR MORE LIKE SHARE SUBSCRIBE .....
#BINAN
#U.S.UnemploymentNewLow
#INDIA
🚀🚀
THE WORLD ECONOMY AND BITCOIN HAS SUFEERED VERY MUCH #BTC☀
AND ALL THE WORLDS MAJOR ECONOMY WAS IN DANGER IT WAS CLOSE TO THE TIME OF DEPRESSION
SO ON THE BASIS OF PAST STUDIES I HAVE STUDIED THAT THE BLOCKCHAIN NETWORK SUFFERS WHEN THERE IS WAR OR SOMTHING LI]KE SITUATINS . NOW AT TIME OF THE WAR BETWEEN ISRIAL AND IRAQ WORLDS BLOCKCHASIN NETWORK CAN SUFFER SO AVOID BUYING BIT COIN AND OTHER ITS IS RISKY BUT ONE THING IS VERY TRUE THAT BIT COIN WILL NEVER BE A FAILIURE .FOR MORE LIKE SHARE SUBSCRIBE .....
#BINAN
#U.S.UnemploymentNewLow
#INDIA
🚀🚀