USDC-Issuer Circle CEO Allaire Hints At US Exit
USDC Issuer Circle CEO Hints At US Exit Amid Regulatory and Banking Woes The market cap of USDC stablecoin tumbled to $30.6 billion today, continuing its fall since mid-2022. While USDC is falling, the market cap of other stablecoins such as Tether (USDT) recovered above $81 billion amid the market rally this year. During an interview on Bloomberg Television on April 26, Circle CEO Jeremy Allaire said: “We are seeing a huge amount of concern globally about the US banking system. We are seeing concern about the regulatory environment in the US.” USDC stablecoin reserves are majority backed by US treasuries and cash deposits. The USDC depegged to the US dollar during the banking crisis after US regulators closed three crypto-friendly banks Silvergate, Silicon Valley Bank, and Signature under Operation Choke Point 2.0. Trending Stories ETH Price Prediction: New Recovery Cycle in Ethereum Price Hints a 10% Rally Ahead 24/7 Cryptocur...