Reading time: ~2 m
The capitalization of USD Coin is approaching $35 billion due to problems with banks.
The USDC market cap has shrunk again. Stablecoin lost $700 million in a day. Capitalization on March 21 – $35.3 billion.
USDC is declining due to the bankruptcy of financial companies – Silvergate, Silicon Valley Bank, Signature..
Changpeng Zhao, CEO of Binance, comments on the situation. He noted that in addition to USDC, his own BUSD has problems. New BUSD is not minted – users have lost interest in the stable from Binance. At the same time, CZ indicates: BUSD is an audited, regulated and most fiat-backed project. But instead, the money flows into USDT.
In addition to its own stable, the exchange promotes TUSD from TrueFi. Commissions for his trading pairs are reduced to 0%.
BUSD problems are caused by the actions of Binance itself. Changpeng’s company transferred part of the recovery fund from BUSD to Bitcoin. This does not inspire confidence in the dollar coin.
#USDC #capitalization #fell #million #day