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After a wave of redemptions following the collapse of Silicon Valley Bank, the supply of stablecoin USDC on Ethereum has stabilized.
The stablecoin sector was impacted severely after the Silicon Valley Bank (SVB) Saga. Circle, the issuer of the USDC stablecoin was impacted the most as some of their holdings were with the SVB.
Tether USD (USDT), the largest stablecoin by market capitalization, is witnessing an impressive surge in its valuation, having recently hit an 11-month-high market cap.
Circle USDC circulation has dropped significantly over the past week despite the passing of banking events.
The DEX, however, has been unable to maintain elevated periods of trading volumes in the past, CCData noted.
The stablecoin offers greater transparency than competitors like Tether, but, unfortunately, that proved of little value as it was de-pegged during the recent banking crisis, says JP Koning.
Circle [USDC] experienced robust outflows in the last two weeks of March, which initially triggered a depeg. It eventually regained its dollar peg and has since then remained stable until press time.
A Moody's analyst examines how the recent banking crisis spilled into crypto, and why alternatives to stablecoins like tokenized bank deposits and CBDCs may be needed to prevent contagion.
A major stablecoin depegging event raised concerns about the stability of these assets amid a U.S. banking crisis. The result may have been an improvement in their position in traditional finance.
USDC has struggled to recover from the negative fallout a few weeks ago after Silicon Valley Bank's (SVB) collapse. Investors have continued to withdraw their assets from the stablecoin despite assurances from issuer Circle about its reserves.
Tether (USDT) has emerged as the industry favorite amidst turmoil in USDC.
Circle USD Coin (USDC) saw its supply drop by 10 billion to 32 billion in March despite its increased usage among smart contracts.
Tether stablecoin USDT is enjoying a near two-year high in market share amid heightened regulatory fears across crypto, after Circle's USDC shed almost $10 billion.
Circle's USDC continues to see redemptions en masse as the coin's market cap fell to about $32.5 billion, a decline of roughly $10 billion in two weeks.
USDC, the key stablecoin in decentralized finance, temporarily lost its dollar peg earlier this month after the collapse of its key banking partner.
Since the Silicon Valley Bank (SVB) fallout negatively impacted Circle's USD coin (USDC), the stablecoin has recorded significant outflows. This massive withdrawal from USDC indicates investors have started ditching the stablecoin for other assets.
USD Coin (USDC) to become available in the Cosmos ecosystem via the Noble network, solving cross-network asset transfer challenges.
USDC stablecoin has seen significant outflows, while Tether's USDT market share has reached a 22-month high.
Amid the fallout of the Silicon Valley Bank this month, Circle's USDC stablecoin saw massive outflows which continue to date. The USDC stablecoin has lost 23% market share in less than a month's time.
Rival stablecoin tether (USDT) has grown to its most dominant since May 2021, now representing 60% of all stablecoins in circulation.
Arkham Intel has reported that Voyager has initiated converting its USDC holdings into fiat currency by redeeming $150M via Circle's service, also reporting that Coinbase had transferred $150 million in USDC to Circle.
Circle's USD Coin [USDC] was on the receiving end of a lot of volatility over the last few weeks due to the collapse of the Silicon Valley Bank. However, as time passed, USDC has found its footing and was observed to be making strides towards bettering its reach.
Circle has announced that the USDC stablecoin will be launching in the Cosmos ecosystem through its partnership with the Noble network. The launch will make USDC available to all Cosmos IBC blockchains.
The Noble network has been chosen for the launch on Cosmos, through which the stablecoin will be made available to all 50+ Cosmos IBC blockchains.
