Crypto investors are fleeing Circle Internet Financial’s USD coin (USDC) stablecoin, with many of them switching to tether, another stablecoin, which has reached a 22-month high in market share. Net outflows from USDC have surpassed $10 billion since March 10 That’s when regulators shuttered Silicon Valley Bank, a firm Circle banked with. Circle, a payments firm, has weathered SVB’s collapse as USDC has re-established the U.S, dollar price peg it lost in the immediate aftermath of SVB’s failure, but the token has still dropped 23% from its one-time $43 billion market capitalization, according to crypto price tracker CoinGecko. USDC’s plunge comes as the stablecoin sector has been severely tested by problems in the banking industry and regulatory scrutiny. Crypto exchange Binance’s BUSD token has also plummeted, among other stablecoins.
Related posts
-
FTX Co-Founder Sam Bankman-Fried’s Civil Liability Released In Settlement With Investors
According to a recent Bloomberg report, a group of investors and customers of cryptocurrency exchange FTX... -
First Mover Americas: Hedera's HBAR Soars on Exaggerated BackRock Link
The latest price moves in bitcoin (BTC) and crypto markets in context for April 24, 2024.... -
Patched Cosmos Bug Could’ve Put $150M At Risk, Says Firm That Reported It
“While this vulnerability has existed in ibc-go since the beginning, it only became exploitable due to...