Stablecoin Crash :This is Why USDC is Unaffected With The Panic Sell-Off?

Stablecoin

This week, the crypto market touched rock bottom as the drop in Bitcoin, altcoins and stablecoins soured investor sentiment. In at least two years, Bitcoin had its most tumultuous week and the market continued to experience a panic selloff on Saturday.

The majority of stablecoins in the market have lost their $1 parity. Tether (USDT), the largest stablecoin, for example, lost $1 in value against the US dollar. USDT lost 7% of its value last week and is currently trading at $0.99 per unit.

USDC Sustains Crypto Bloodbath

The second largest stablecoin, on the other hand, appears to be bearing the storm and maintaining parity. The price of the USD Coin is currently $1, with a 24-hour trading volume of $7,469,042,412. According to Coingecko, it has a circulating supply of 51 billion USDC coins and a total supply of 50.9 billion.

Due to the influence of social media on the cryptocurrency industry, social volume is a great statistic for investors.

Even since the beginning, cryptocurrencies and/or stablecoins have had a close link with online forums and social media platforms.

Second, development activity is an often overlooked measure of project success. USDC’s development activity exemplifies the company’s monthly commitment to delivering a viable product while improving and enhancing its functionality.

Thousands of projects and exchanges in over 190 countries support USDC, making it easier for market players to utilize and exchange the currency. One of the reasons the metrics projected a positive picture was because of this.

Circle issued 8.4 billion USDC and repaid 6.7 billion USDC in the past seven days. The USDC reserve was made up of $11.6 billion in cash (22.9%) and $39.0 billion in US Treasuries (77.1%). There is 50.6 billion USDC in circulation as of May 13.

The group stated,

“Circle has intended for USD Coin (USDC) to be the most transparent and trusted dollar digital currency. We remain committed to transparency and trust. Will continue to enhance reporting and disclosure with simple, clear and frequent updates.”

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