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Bitcoin
Bitcoin (BTC)
$122,908.00 -1.24126
Bitcoin price
Ethereum
Ethereum (ETH)
$4,487.38 -4.57312
Ethereum price
BNB
BNB (BNB)
$1,314.75 1.23054
BNB price
Solana
Solana (SOL)
$221.14 -4.0318
Solana price
XRP
XRP (XRP)
$2.87 -3.36594
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000122 -4.33198
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000093 -6.6283
Pepe price
Bonk
Bonk (BONK)
$0.0000197 -4.86749
Bonk price
dogwifhat
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$0.729498 -7.10109
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Popcat
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$0.229395 -5.90958
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Bitcoin
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$122,908.00 -1.24126
Bitcoin price
Ethereum
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$4,487.38 -4.57312
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BNB
BNB (BNB)
$1,314.75 1.23054
BNB price
Solana
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$221.14 -4.0318
Solana price
XRP
XRP (XRP)
$2.87 -3.36594
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000122 -4.33198
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000093 -6.6283
Pepe price
Bonk
Bonk (BONK)
$0.0000197 -4.86749
Bonk price
dogwifhat
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$0.729498 -7.10109
dogwifhat price
Popcat
Popcat (POPCAT)
$0.229395 -5.90958
Popcat price
Bitcoin
Bitcoin (BTC)
$122,908.00 -1.24126
Bitcoin price
Ethereum
Ethereum (ETH)
$4,487.38 -4.57312
Ethereum price
BNB
BNB (BNB)
$1,314.75 1.23054
BNB price
Solana
Solana (SOL)
$221.14 -4.0318
Solana price
XRP
XRP (XRP)
$2.87 -3.36594
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000122 -4.33198
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000093 -6.6283
Pepe price
Bonk
Bonk (BONK)
$0.0000197 -4.86749
Bonk price
dogwifhat
dogwifhat (WIF)
$0.729498 -7.10109
dogwifhat price
Popcat
Popcat (POPCAT)
$0.229395 -5.90958
Popcat price

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

Jayson Derrick
Edited by
News
Circle’s USDC hits $56b high, recovers from 2023 bank run

Circle’s USDC has surpassed its previous peak from 2022 and recovered from its market capitalization collapse triggered by a regional bank run in 2023.

(USDC) by Circle hit a $56 billion market cap amid growing stablecoin demand despite limp action in altcoin prices. The record exceeded USDC’s high in 2022 and signaled a full recovery from the 2023 bank run.

At the time, Circle held part of its stablecoin reserves at Silicon Valley Bank. SVB was caught in a banking debacle, and USDC’s operator was unable to access its deposits, losing chunks of its market cap and market share to its rival Tether.

The new USDC peak came as over $10.2 billion flowed into the U.S. dollar-pegged stablecoin in the past 30 days. Data from analytics provider Artemis tagged Solana (SOL) trading as a major catalyst for USDC’s surge, as more decentralized finance traders relied on the stablecoin for transactions.

While still margins smaller than Tether’s $142 billion token (USDT), Circle’s stablecoin outpaced the market leader in monthly growth. Compared to USDC, Tether’s coin only added $4.6 billion to its market cap since a month ago.

Growth attributed to both top stablecoin players suggests accumulation as crypto prices cratered. The market cap bump also comes as U.S. legislators tabled stablecoin proposals to standardize fiat-pegged markets.