USDC market cap has shrunk almost $7B since October 2022

About $7 billion worth of value has left the Circle-backed stablecoin USDC since October, according to Glassnode data analyzed by CryptoSlate.

The charts above show the market caps of USDT and USDC – both stablecoins that are pegged to the US dollar – since Jan 2020. Movements in both lines largely mimic each other until around Nov. 2022, after the collapse of FTX, with USDC beginning to lose market cap.

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Prior to the collapse of FTX in October 2022, Tether had a market cap of $69.95 billion, compared with USDC’s $47.33 billion.

Today, USDC currently has a market cap of US$40.96 billion, nearly $7 billion less than it had prior to FTX’s collapse. USDT’s current market cap is $68.48 billion, also down from October 2022 but a smaller drop compared to USDC.

The news comes on the heels of a wider shakeup in the stablecoin industry, with regulators in the US beginning to scrutinize the issuance of BUSD, Binance’s stablecoin, issued by the US-based blockchain entity Paxos.

Contributor at CryptoSlate

Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.

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