About $7 billion value of worth has left the Circle-backed stablecoin USDC since October, in keeping with Glassnode information analyzed by CryptoSlate.
The charts above present the market caps of USDT and USDC – each stablecoins which are pegged to the US greenback – since Jan 2020. Actions in each strains largely mimic one another till round Nov. 2022, after the collapse of FTX, with USDC starting to lose market cap.
Previous to the collapse of FTX in October 2022, Tether had a market cap of $69.95 billion, in contrast with USDC’s $47.33 billion.
At present, USDC at present has a market cap of US$40.96 billion, practically $7 billion lower than it had previous to FTX’s collapse. USDT’s present market cap is $68.48 billion, additionally down from October 2022 however a smaller drop in comparison with USDC.
The information comes on the heels of a wider shakeup within the stablecoin business, with regulators within the US starting to scrutinize the issuance of BUSD, Binance’s stablecoin, issued by the US-based blockchain entity Paxos.
