{"id":542984,"date":"2023-07-18T01:00:53","date_gmt":"2023-07-18T01:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=542984"},"modified":"2024-06-11T08:22:53","modified_gmt":"2024-06-11T08:22:53","slug":"usdc-market-cap-drops-as-1-4-billion","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/usdc-market-cap-drops-as-1-4-billion\/","title":{"rendered":"USDC Market Cap Drops As Redemptions Climb To $1.4 Billion"},"content":{"rendered":"

As one of the biggest stablecoins, USDC is one of the major players in the crypto industry. However, the stablecoins have seen better days, as the stablecoin has seen its market cap drop drastically over the past few months. <\/span><\/p>\n

Related Reading: 29% Of Bitcoin\u2019s Circulating Supply Is Now Presumed Lost Forever<\/a><\/div>\n

The second-largest stablecoin has seen its market cap drop by over $1.4 billion in just the last few days thanks to a surge in redemptions.\u00a0<\/span><\/p>\n

$1.4 Billion Redeemed In One Week<\/h2>\n

The stablecoin market was rocked this week by a massive redemption of USDC. According to Circle and data obtained from Coinmarketcap, the supply of USDC decreased by $1.4 billion in just seven days as Circle’s rate of token burning outnumbered the rate of new token creations. This led to a market cap drop from $27.4 billion to $26.9 billion in a 7-day timeframe.<\/span><\/p>\n

This comes as the overall supply of USDC has been on a steep decline since the beginning of the year, plummeting from $45 billion to its present level of $26 billion. The worst drop in USDC\u2019s market cap this year came during the height of Silicon Valley Bank’s shutdown.\u00a0<\/span><\/p>\n

\"USDC\"<\/p>\n

USDC market cap plunges | Source: Glassnode<\/pre>\n
According to Nansen, Circle burned $1.6 billion in USDC in a single day. During this period, Circle\u2019s market cap fell by more than $10 billion. This came as investors rushed to redeem USDC due to Circle having cash reserves in the failed bank.<\/span><\/p>\n
What Does This Mean For USDC?<\/h2>\n
The rush to redeem USDC over the course of the past year has prompted doubts about the reserves underpinning the stablecoin. But the stablecoin market appears to be doing just fine in terms of maintaining its peg to the US dollar. Circle also maintains that the USDC cryptocurrency is backed 1:1 by cash and other monetary equivalents.\u00a0<\/span><\/p>\n
\"Total<\/p>\n
USDC market cap sitting at $27.25 billion | Source: Market Cap USDC on Tradingview.com<\/a><\/pre>\n
In March of this year, Circle switched to short-term maturity bonds. This means that the USDC reserve is now held 80% in short-dated US treasuries and 20% in cash deposits within the US banking system. Given this, there are worries among investors as redemptions at this scale could strain the reserves if they\u2019re invested in less liquid assets. This would explain the high volume of redemptions over this time.<\/span><\/p>\n
Related Reading: XRP Crosses 1 Million Trades Per Minute Following Court Ruling<\/a><\/div>\n
The cryptocurrency market is known for its volatility, but stablecoins have become one of the backbones of the industry due to their ability to offer more stability. Overall, most of the stablecoin market remains split between USDT and USDC, making up more than 83% of the total stablecoin market cap.\u00a0<\/span><\/p>\n
For now, USDT has the higher momentum. While USDC\u2019s market cap has slipped throughout the year, data shows USDT has added over $15 billion to its market cap.<\/span><\/p>\n
Featured image from Cryptonomist, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
As one of the biggest stablecoins, USDC is one of the major players in the crypto industry. However, the stablecoins have seen better days, as the stablecoin has seen its market cap drop drastically over the past few months. Related Reading: 29% Of Bitcoin\u2019s Circulating Supply Is Now Presumed Lost Forever The second-largest stablecoin has seen its market cap drop by over $1.4 billion in just the last few days thanks to a surge in redemptions.\u00a0 $1.4 Billion Redeemed In One Week The stablecoin market was rocked this week by a massive redemption of USDC. According to Circle and data obtained from Coinmarketcap, the supply of USDC decreased by $1.4 billion in just seven days as Circle’s rate of token burning outnumbered the rate of new token creations. This led to a market cap drop from $27.4 billion to $26.9 billion in a 7-day timeframe. This comes as the overall supply of USDC has been on a steep decline since the beginning of the year, plummeting from $45 billion to its present level of $26 billion. The worst drop in USDC\u2019s market cap this year came during the height of Silicon Valley Bank’s shutdown.\u00a0 USDC market cap plunges | Source: Glassnode According to Nansen, Circle burned $1.6 billion in USDC in a single day. During this period, Circle\u2019s market cap fell by more than $10 billion. This came as investors rushed to redeem USDC due to Circle having cash reserves in the failed bank. What Does This Mean For USDC? The rush to redeem USDC over the course of the past year has prompted doubts about the reserves underpinning the stablecoin. But the stablecoin market appears to be doing just fine in terms of maintaining its peg to the US dollar. Circle also maintains that the USDC cryptocurrency is backed 1:1 by cash and other monetary equivalents.\u00a0 USDC market cap sitting at $27.25 billion | Source: Market Cap USDC on Tradingview.com In March of this year, Circle switched to short-term maturity bonds. This means that the USDC reserve is now held 80% in short-dated US treasuries and 20% in cash deposits within the US banking system. Given this, there are worries among investors as redemptions at this scale could strain the reserves if they\u2019re invested in less liquid assets. This would explain the high volume of redemptions over this time. Related Reading: XRP Crosses 1 Million Trades Per Minute Following Court Ruling The cryptocurrency market is known for its volatility, but stablecoins have become one of the backbones of the industry due to their ability to offer more stability. Overall, most of the stablecoin market remains split between USDT and USDC, making up more than 83% of the total stablecoin market cap.\u00a0 For now, USDT has the higher momentum. While USDC\u2019s market cap has slipped throughout the year, data shows USDT has added over $15 billion to its market cap. Featured image from Cryptonomist, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":543008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1336,88643,11164,15241,16680,10263],"class_list":["post-542984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-circle","tag-circle-usdc","tag-stablecoin","tag-stablecoins","tag-usdc","tag-usdt"],"acf":[],"yoast_head":"\nUSDC Market Cap Drops As Redemptions Climb To $1.4 Billion<\/title>\n<meta name=\"description\" content=\"As one of the biggest stablecoins, USDC is one of the major players in the crypto industry. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"USDC Market Cap Drops As Redemptions Climb To $1.4 Billion","url":"http:\/\/uniquehot.com\/news\/usdc-market-cap-drops-as-1-4-billion\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/usdc-market-cap-drops-as-1-4-billion\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/USDC.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/USDC.jpeg?fit=1140%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["circle","circle usdc","stablecoin","stablecoins","usdc","usdt"],"dateCreated":"2023-07-18T01:00:53Z","datePublished":"2023-07-18T01:00:53Z","dateModified":"2024-06-11T08:22:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"USDC Market Cap Drops As Redemptions Climb To $1.4 Billion\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/usdc-market-cap-drops-as-1-4-billion\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/usdc-market-cap-drops-as-1-4-billion\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/USDC.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/USDC.jpeg?fit=1140%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"circle\",\"circle usdc\",\"stablecoin\",\"stablecoins\",\"usdc\",\"usdt\"],\"dateCreated\":\"2023-07-18T01:00:53Z\",\"datePublished\":\"2023-07-18T01:00:53Z\",\"dateModified\":\"2024-06-11T08:22:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/USDC.jpeg?fit=1140%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542984"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=542984"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/542984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/543008"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=542984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=542984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=542984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}