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Circle's USDC Sees $10B Outflows Since SVB Collapse, Tether Dominance Rises

Circle-backed stablecoin USDC has seen net outflows exceed $10 billion since the collapse of Silicon Valley Bank (SVB) on March 10th. USDC's market cap has fallen by over 42% to $33.2 billion from its all-time high last June, while its rival stablecoin Tether (USDT) has reached its most significant market share since May 2021, representing 60% of all stablecoins in circulation.

Circle has been pushing for USDC's expansion across several blockchains, with the stablecoin set to be the first native, fiat-backed stablecoin on a Cosmos Inter-Blockchain Communication Protocol-connected network via the Noble network.

Tether USDt Tether USDt $1.00
-0.07%
Circle SVB cosmos
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