3 reasons why USDC stablecoin dropping below $50B market cap is Tether's gain
Cointelegraph
Published Sep 26, 2022 08:13AM ET
Updated Sep 26, 2022 10:00AM ET
The market capitalization of USD Coin (USDC), a stablecoin issued by U.S.-based payment tech firm Circle, has dropped below $50 billion for the first time since January 2022.
On the weekly chart, USDC's market cap, which reflects the number of U.S. dollar-backed tokens in circulation, fell to $49.39 billion on Sept. 26, down almost 12% from its record high of $55.88 billion, established merely three months ago.
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Written By: Cointelegraph
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