USDC market cap has shrunk almost $7B since October 2022

Around $7 billion worth of value has been expelled from the Circle-backed USDC stablecoin since October, according to data analyzed by Glassnode. crypto slate.

The chart above shows USDT and USDC market caps (both stablecoins pegged to the US dollar) since January 2020. Until around November 2022, after FTX collapsed, the movements of both lines were mostly similar to each other. lose market capitalization.

Prior to FTX’s collapse in October 2022, Tether’s market cap was $69.95 billion, compared to USDC’s $47.33 billion.

USDC currently has a market capitalization of $40.96 billion, nearly $7 billion less than it was before the FTX collapse.cormorantSDT has a current market cap of $68.48 billion, which is also down from October 2022, but less than USDC.

The news comes on the heels of a broader upheaval in the stablecoin industry, with U.S. regulators scrutinize Issuance of BUSD, a Binance stablecoin issued by US-based blockchain company Paxos.

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Dorian Batycka is a journalist with an interest in art and technology. He has contributed to CoinDesk, Decrypt, Artforum, Artnet News, Art Newspaper and more. He can be found on his Twitter and his Instagram at @temp_projects, where he often memes current financial and art news, scandals and events.