Circle CEO blamed the ongoing regulatory crackdown for the declining USDC market cap and called for 'Congress to step up.'
Circle CEO Jeremy Allaire says that a cryptocurrency crackdown by the United States regulators has been a major factor behind the declining market capitalization of its stablecoin, USD Coin .
Circle chief’s comments on the U.S. crackdown come amid heavy regulatory scrutiny following the collapse of the FTX exchange, a banking crisis and USDC’s momentary depegging. During an with Bloomberg TV, Allaire noted that there is a “huge amount of concern globally about the U.S. banking system,” and the “regulatory environment in the U.S..”$3.3 billion worth of USDC reserves was stuck with Silicon Valley Bank
, which was one of the three crypto-friendly banks shut down by regulators. At the time, Circle had assured its customers that it had the backing from investors to fill the gap, but the market reacted quickly to the news, and USDC depegged from the U.S. dollar.USDC once had a market cap of $56 billion at the peak and was sitting right behind Tether-issued USDT. However, since the banking crisis and USDC’s depeg, the stablecoin’s market cap has been cut nearly in half, currently sitting at $30.
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