Circle CEO Blames US Crypto Crackdown for Declining USDC Market Cap
Circle CEO Jeremy Allaire has said that the US regulatory crackdown was a major factor behind stablecoin USD Coin's (USDC) declining market capitalization. Allaire noted that there is "huge amount of concern globally about the US banking system" and the "regulatory environment in the US." USDC's market cap has been cut nearly in half, currently sitting at $30.7 billion, following the banking crisis and its depeg from the US dollar earlier this year. Coinbase had also warned that the lack of regulatory clarity may force crypto companies to look for opportunities overseas. Allaire believes the US will be left behind without regulatory clarity.
Breaking: USDC-Issuer Circle CEO Hints At US Exit
Circle CEO Jeremy Allaire has stated that regulatory burdens and a push by regulators to debunk the crypto market are causing the market value of USD Coin (USDC) stablecoin to continue falling. He revealed that investors are looking to "de-risk out of the US" due to a lack of regulatory clarity in the country.
Circle’s Allaire Signals Risks in US Are Impacting USDC Stablecoin
A push by investors to “de-risk out of the US” amid banking system and regulatory challenges is contributing to the drop in the market value of stablecoin USD Coin, according to the chief executive of the token’s issuer.
NY Fed Policy Change Could Squash Stablecoin Issuer Circle’s Hope for Fed Access
According to a press release by the Federal Reserve Bank of New York (NY Fed), funds “organized for a single beneficial owner,” registered as “2a-7 funds” at the Securities and Exchange Commission (SEC), “generally will be deemed ineligible” under the new rules. The Circle Reserve Fund, managed by global investment management giant BlackRock Advisors, appears to fall into this category.
Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31
While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time.
Terraform Labs Co-founder and Nine Others Indicted in South Korea
Terraform Labs co-founder Shin Hyun-seong and nine other individuals have been indicted by the financial crimes unit at the Seoul Southern District Prosecutors' Office for the collapse of the Terra stablecoin ecosystem. The 10 individuals were indicted on charges of fraud, breach of trust, and embezzlement and referred to trial after 11 months of investigation. Shin is accused of misleading investors and falsely advertising the product to cause significant losses, despite knowing the project was unfeasible. Prosecutors have seized the assets of the indicted individuals, estimated to be worth a total of $180 million. This indictment comes just a month after the former CEO of Terraform Labs, Do Kwon, was arrested in Montenegro on charges of document forgery and facing multiple charges of security fraud from the US Securities and Exchange Commission.
House Republicans Make Case on Stablecoin Bill After Democrats Called for Do-Over
Republicans on the House Financial Services Committee are taking another swing at stablecoin legislation with a discussion draft revealed Monday afternoon, which may mark a new starting point for negotiations with Democrats.
Crypto Firms Should Look East for Growth Opportunities As USD Dominance Wavers
The following is a guest post from BTSE CEO Henry Liu.
Investment Drama of Bankruptcy Claims Exchange OPNX; Intel Ends Bitcoin Mining Chip Business | Cointime Weekly Apr.16 – Apr.22
Coinbase receives license to operate in Bermuda; Gemini launches derivatives platform; EU Parliament approves crypto rules; HK court recognizes crypto as property; Hitachi establishes $300 million fund.
Tether's USDT Stablecoin Market Cap Surges to $81.5 Billion Despite Regulatory Uncertainty
Tether's USDT stablecoin market cap has reached $81.5 billion, close to its all-time high of $83.4 billion. Its market share stands at 63%, its highest point in two years. Circle's USD Coin and Paxos-issued Binance USD saw a disproportionate amount of on-chain value redeemed for dollars, contributing to Tether's surge in market share.
