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Though USDC regains market confidence, this area still concerns investors
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ambcrypto.comCircle [USDC] experienced robust outflows in the last two weeks of March, which initially triggered a depeg. It eventually regained its dollar peg and has since then remained stable until press time. However, it continued to experience outflows, which have shrunk its market cap by a sizable margin so far. USDC’s market cap fell as low as $32.50 at the end of March.
Realistic or not, here’s USDC’s market cap in BTC’s terms
The last time USDC’s market cap was this low was in April 2022, hence it has fallen to an 18-month low. It is also not the only aspect of the stablecoin that has been negatively affected. According to Glassnode, USDC’s transaction volume has also been severely affected, falling to a nine-month low.
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