USDC stablecoin capitalization fell by 12%

USDC stablecoin capitalization fell by 12%

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by dapp_writer005

4 years ago

After the collapse of Terra, from May to June, investors began to invest their savings in the USD Coin (USDC) stablecoin, due to which its capitalization began to grow.

The USDC supply has risen to more than $56 billion, but has decreased by 12 percent over the past month. As of 09/11/2022, the capitalization of this stablecoin was slightly above $46 billion.

The Binance exchange decided to automatically convert all customer reserves into the BUSD stablecoin, which made the USDC vulnerable.

All funds of traders in USDC, Pax Dollar and TrueUSD have also been exchanged for Binance USD. Over the past 2 weeks, the supply of BUSD has increased by 12 percent, while the capitalization of USDC has decreased by 12 percent.

From the beginning of May to 06/19/2022, USDC capitalization increased from 48 billion to 56 billion US dollars. Users decided to invest in this stablecoin, as Tether lost its peg to the dollar for a while.

But the USDT stablecoin has retained its status as the leading fiat-backed crypto asset.

Tether CTO Paolo Ardoino said his firm had managed to pay out approximately $7 billion to investors by the end of May.

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