US crackdown to blame for fall in value of USDC, Circle CEO Jeremy Allaire says
USDC has been losing ground to rival USDT since the banking crisis in the United States rocked issuer Circle.
Allaire sees investors’ desire to “de-risk out of the U.S.” as a critical factor in the fall in the market value of the stablecoin.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Jeremy Allaire, CEO of Circle Internet Financial, blames the shrunken value of the company’s stablecoin, USD Coin, on regulatory challenges in the United States and concerns about its banking system.
Allaire said investors’ desire to “de-risk out of the U.S.” is contributing to a fall in the market value of USDC during anUSDC remains one of the crypto sector’s most relied-upon stablecoins, but close ties to the U.S. have seen it lose ground in key metrics lately. The Block Research’s data indicates that the total supply of USDC in the market has fallen by roughly $10 billion since the start of the year to its current level of just above $30 billion.
“We are seeing a huge amount of concern globally about the U.S. banking system,” Allaire, told Bloomberg. “We are seeing concern about the regulatory environment in the U.S.”
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