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Circle CEO Jeremy Allaire attributes the drastic drop in USDC's market capitalization to the United States regulators' intensified scrutiny of cryptocurrencies amid a turbulent financial landscape.
US banking and regulatory issues cause USD Coin to lose market value. However, Circle Internet Financial Ltd.
Crypto News: On April 26, Circle, the issuer of the USDC stablecoin officially announced the launch of a Cross-Chain Transfer Protocol (CCTP) that enables the transfer of USDC between Ethereum and Avalanche blockchains. Earlier, users of Avalanche who had USDC on Ethereum had to send their coins to a Circle partner or use a third-party bridge
The cross-chain transfer protocol seeks to improve liquidity of the major crypto payments rail.
Circle, the issuer of USDC, announced on Wednesday that it is making its permissionless cross-chain transfer protocol (CCTP) available to developers building on Ethereum and Avalanche. As a result, USDC can now be transferred more securely and efficiently between the two chains using Circle's burn-and-mint mechanism, as opposed to the traditional lock-and-mint approach.
Circle's CCTP allows for more secure USDC transfers between Ethereum and Avalanche by using a burn and mint mechanism instead of cross-chain bridges.
The stablecoin has upgraded its market infrastructure after losing its peg during the crisis.
Circle announced the mainnet launch of the Cross-Chain Transfer Protocol (CCTP) for Ethereum and Avalanche developers.
USD Coin's market value dropped due to investors pushing to "de-risk out of the US" amid banking and regulatory concerns.
The new protocol burns coins on the sending chain, and mints new ones on the receiving chain.
Circle CEO Jeremy Allaire pins the decline in the market value of the USDC stablecoin on investors wishing to 'de-risk out of the U.S.'
The decline in the market value of stablecoin USD Coin (CRYPTO: USDC) can be attributed to a growing trend of investors looking to "de-risk out of the U.S." amid concerns about the country's banking sector and regulatory challenges, according to Circle CEO.
The market cap of USDC, a stablecoin issued by Circle, has reduced nearly by half over the past six months owing to the regulatory crackdown and banking crisis.
According to Circle CEO Jeremy Allaire, the regulatory burden and regulators' efforts to debunk the crypto market are causing the USDC market value to continue falling.
Circle CEO Jeremy Allaire on Wednesday said regulatory burden and regulators pushing to debunk the crypto market are causing the market value of USD Coin (USDC) stablecoin to continue falling. Allaire revealed investors are pushing to “de-risk out of the US” amid a lack of regulatory clarity in the country.
Allaire blames the shrunken value of USDC on regulatory challenges in the United States and concerns about its banking system.
Crypto investment offers risk and lucrative upside especially as pressure mounts and recession becomes a clearer threat
Stablecoins witness a decline in market cap as overall interest in the sector started to decline. The aggregate supply of all stablecoins also fell.
The plan to transfer 500 million USDC to Coinbase was officially accepted by MakerDAO on April 21.
The maneuver is part of MakerDAO's earlier decision to move up to $1.6 billion of USDC stablecoins to Coinbase's custody arm.
The top 4 stablecoin valuations have declined significantly since this year. USDC and BUSD supply has depleted by $31 billion, pushing down the overall stablecoin market share.
Stablecoin market share is in decline as three of the top four dollar-pegged assets continue to shrink in circulating supplies.
After the U.S. House Financial Services Committee accused SEC Chair Gary Gensler of forcibly regulating the crypto market under inconsistent and non-applicable rules in an oversight hearing, the committee will discuss stablecoins' role in payments, research on the digital dollar, and the imperative need for legislation. NYDFS' Superintendent Adrienne A.
Jeremy Fox-Geen. Chief Financial Officer at Fintech firm Circle and Kash Razzaghi, the firm's Chief Business Officer, have noted that digital currencies and the blockchains on which they travel can offer considerable utility “as a new, unified infrastructure for payments, commerce and capital markets built directly into the internet.”
