USD Coin (USDC) Hits Two-Year Market Cap Low Amidst Banking Crisis and Rising Interest Rates

The market capitalization of the USD Coin (USDC) is presently at its lowest in two years, with experts stating that it hasn't fully rebounded after becoming unpegged to the dollar earlier this year. CoinGecko data indicates that the value of USDC is just over $26 billion, marking its lowest since July 2021 when it was at $25.1 billion.



While USDC remains the sixth biggest cryptocurrency in terms of market cap, it has lost ground to its primary competitor, Tether (USDT), which currently has a valuation of $82.7 billion.



Last year, USDC had a market value of $56 billion, reinforcing its spot as the second-largest stablecoin. However, the market cap dipped sharply in March 2023 due to a regional banking crisis which led to the collapse of Silicon Valley Bank (SVB). At that time, it was revealed that Circle had kept more than $3


First found on: https://coinatory.com/2023/08/28/usd-coin-usdc-hits-two-year-market-cap/?utm_source=BG&utm_medium=Blogger+Some+Crypto+Blog&utm_campaign=SNAP