According to official figures, as of March 5, Circle issued a total of 2.7 billion USDC between February 23 and March 2. Moreover, it acquired $ 1.7 billion and increased circulation by roughly $1 billion. As of March 2, there were $44 billion in USDC in circulation, with $43.2 billion in reserves, consisting of $31.9 billion in short-term US Treasury bonds and $11.4 billion in cash.
In the Last Week Circle’s USDC in Circulation Volume Increased by $1B
Stablecoin has witnessed a drastic market share with many strategies and activities. BUSD has a capitalization of about $5 billion in just two weeks, from $16 billion to $11 billion, after the SEC event of Paxos. As the capitalization rises to around $2 billion per type, USDT and USDC gain from this occurrence as stablecoins.
On the other hand, because of its widespread use of rapidly emerging layers like Arbitrum and Optimism, which draw the majority of trading volume, USDC may be growing market share. However, by total assets, USDC is still the second-largest stablecoin, although it is catching up to Tether. With a current total supply of $71.5 billion, Tether continues to be the largest stablecoin publisher.
About the Silvergate Crisis
Circle recently informed its consumers about the Silvergate crisis’ impacts. It suggested that since its main tool, the Silvergate exchange network (SEN), had been banned, Circle should be replaced by other service providers.
According to the statement, Circle withdrew a small percentage of USD Coin storage at Silvergate for other bank partners. Circle emphasized that a few USDC customers used Silvergate and its associated services. Circle also revealed that they started to narrow to interaction with Silvergate in 2022 when signals of troubles and risks became apparent. The bank is having trouble guaranteeing that none of the customer deposits are impacted by the impending liquidity issue, Circle stressed.
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