Circle’s USDC hits $56b high, recovers from 2023 bank run

The USDC of Circle exceeded its previous peak from 2022 and has recovered from its collapse of market capitalization triggered by a regional bank executed in 2023.

(USDC) By Circle has reached a market capitalization of $ 56 billion in the middle of the growing demand for Stablecoin despite the Limp action at Altcoin prices. The file exceeded the top of the USDC in 2022 and reported a complete recovery of the execution of Bank 2023.

At the time, Circle held part of its Stablecoin reserves at Silicon Valley Bank. SVB was taken in a banking debacle, and the USDC operator could not access its deposits, losing pieces of its market capitalization and its market share to its rival attachment.

The new PIC of the USDC occurred while more than $ 10.2 billion flocked to the stablecoin at point of the US dollar in the last 30 days. Artemis analysis supplier data labeled Solana (GROUND) Trading as a major catalyst for the overvoltage of the USDC, as more decentralized financial traders relied on the stablecoin for transactions.

Although margins are even smaller than the $ 142 billion token from Tether (USDT), Circle’s stablecoin exceeded the market leader in monthly growth. Compared to the USDC, Tether’s part has only added $ 4.6 billion to its market capitalization since a month ago.

The growth attributed to the two best stablecoin players suggests an accumulation as cryptographic prices. The market capitalization bump also occurs while US legislators have submitted stall proposals to normalize the Fiat-Piced markets.