USDC stablecoin capitalization fell by 12%

USDC stablecoin capitalization fell by 12%

user avatar

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Chainlink Launches 24/7 Pricing Service for Onchain Assets

Chainlink has launched a new service that provides a continuous price series for assets, solving the issue of unreliable pricing during off-hours for onchain applications.

user avatarMaya Lundqvist

Securitize Announces Integration with Stellar Network

Securitize announced plans to integrate the Stellar network into its infrastructure for institutional asset managers, enhancing the management of tokenized financial assets.

user avatarKaterina Papadopoulou

Lagarde's Criticism of Bitcoin and Its Implications

Christine Lagarde has been a vocal critic of Bitcoin, emphasizing the need for secure and liquid central bank reserves.

user avatarLeo van der Veen

ECB Advances Digital Finance Initiatives Under Lagarde

Under Christine Lagarde's leadership, the European Central Bank has made notable strides in digital finance, including work on a digital euro and the introduction of Pontes for tokenized asset transactions.

user avatarAisha Farooq

Selection Process for Lagarde's Successor at ECB

The European Central Bank has outlined the process for selecting Christine Lagarde's successor, which will be conducted under Article 283 of the Treaty on the Functioning of the European Union.

user avatarLeo van der Veen

Christine Lagarde Confirms Departure Date from ECB

Christine Lagarde has confirmed her resignation as president of the European Central Bank, effective February 7, 2027.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.