USDC Market Value Drops by $10B
Tether (USDT) has seen a surge in the market in the past month, reaching a 22-month high in market share of dollar-pegged digital currencies. This is largely due to traders withdrawing more than $10 billion from USDC after the US authorities closed Silicon Valley Bank.
The capitalization of USDT is now nearing $80 billion, while USDC has decreased to $33.243 billion. Binance USD (BUSD) has also seen a decline, with its offer now below $10 billion at $7.663 billion.
Circle, the issuer of USDC, is still attempting to restore the stablecoin’s peg to the US dollar, but much of the capital has gone to Tether instead.
According to DeFiLlama, the USDT dominance index in the stablecoin market has exceeded 60%, a similar situation not seen since May 2021.
