Crypto investors are fleeing Circle Internet Financial’s USD coin (USDC) stablecoin, with many of them switching to tether (USDT), 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, as have other stablecoins.
XRP Holders Stack Coins Despite Price Dip: Bullish Signal?
The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to...