USDC Supply Stabilizes Following Silicon Valley Bank Bank Woes As Tether Cements Its Stablecoin Dominance
The supply of USDC stablecoin on Ethereum has stabilized after a wave of redemptions due to its links to collapsed U.S. lender Silicon Valley Bank. The amount of USDC in circulation now stands at just under 31 billion, down 11 billion from the start of the year. Other stablecoin supplies on Ethereum have also dwindled since January 1, notably Binance USD and Gemini dollar. Tether, the foremost dollar-pegged stablecoin, has seen an increase in demand and now accounts for almost 43% of the total Ethereum stablecoin supply. In February, Tether reported a net profit of $700 million for the fourth quarter of 2022.
Paxful CEO Ray Youssef Proposes to Reimburse Users from Personal Funds Amid Legal Battle
On April 4, P2P marketplace Paxful unexpectedly declared the immediate suspension of its platform.
Tether USDT Supply Reaches $80B for 1st Time in Almost a Year
Tether’s USDT supply crossed $80 billion for the first time in 11 months earlier today, nearing its all-time high of $83.13 billion. In 2023, USDT’s supply increased by almost $14 billion in less than 100 days from the $66.2 billion it recorded at the start of the year.
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Stablecoin Tether's Market Capitalization Nears Record High of $83B
Tether (USDT), the world's largest dollar-pegged stablecoin, is thriving, having survived the Terra-induced turmoil of mid-2022. The market value of the stablecoin continues to rise and is now within a whisker of its record high.
Why Tether will Lead in De-Fi
The money of the future will restore this captured value back to the people. It will empower individuals to save, earn, and do more. De-Fi needs a stablecoin which doesn't force users to simply inherit bank risk.
Tether ‘Unequivocally Reiterates’ No Exposure to Signature Bank
After a Bloomberg article alleged exposure between stablecoin provider Tether and the now-collapsed Signature Bank, rumors began to circulate regarding the involvement between the two companies.
Tether Used Signature Bank to Find Path Into US Financial System
Tether Holdings Ltd. doesn’t have direct access to the US banking system, but for a while it found at least one pathway: through Signature Bank.
Stablecoin Issuer Tether Was Client of Signature Bank to Serve U.S. Customers: Bloomberg
Tether, the world's biggest stablecoin issuer, used Signature Bank to transfer U.S. dollar funds from the U.S. to the Bahamas, Bloomberg reported.
USDC Outflows Surge Past $10B, Tether Takes Market Share to 22-Month High
Circle's USDC stablecoin has lost 23% market share in less than a month's time, following the collapse of its key banking partner, Silicon Valley Bank (SVB). Since March 10, the net outflows from the USDC stablecoin have surpassed more than $10 billion so far. Circle has backed the token's value with short-term government bonds and cash reserves at various US banks, and after the collapse of SVB, it moved a large portion of its cash to BNY Mellon. In contrast, Tether's native stablecoin USDT has extended its dominance in the market, with its market cap over the last month surging by more than 12% to reach close to $80 billion, contributing to Tether's rise to more than 60% share of the $132 billion stablecoin market.
