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USDC loses 20% of its market cap in 30 days



 Not only Bitcoin and other altcoins are suffering from the current bear market, but also stablecoins. Circle's stablecoin USDC has lost billions of USD in capitalization in just a few weeks.


Circle's USDC stablecoin's market cap has dropped dramatically since the Tornado Cash scandal.


Over the past month, USD Coin(USDC) has lost nearly 20% of its market cap, falling from $53.3 billion to just under $43.9 billion.


On September 26, nearly $5 billion was withdrawn from USDC in a single day, down nearly 9.2%.


This was the largest drop in USDC history. In July, the stablecoin peaked when it reached a market cap of $55.8 billion.


Although the stablecoin lost ground in July, the decision to freeze 75,000 USDC of funds associated with 44 Tornado Cash addresses was a pivotal event. This caused the stablecoin to lose an enormous amount of sympathy, leading to backlash and mass withdrawals.


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MakerDAO also deposited a large portion of its reserves in USDC and considered Circle's intervention a violation of privacy rights. The project also spoke about ending its dependency on USDC, saying that given USDC's extreme degree of centralization, it could at any time meet the same fate as Tornado Cash-linked wallets.


Although everything seemed to indicate that MakerDAVO is turning its back on USDC, yesterday they announced the approval of a new proposal to deposit USDC on Coinbase's institutional custody platform and deposit up to $1.6 billion of their USDC reserves on Coinbase Prime, to generate 1.5% in rewards.


As USDC's capitalization continues to fall over the days, there are still large projects that continue to bet on a recovery.


USDC is also facing challenges from the ongoing battle for dominance of the stablecoin market, led by Binance. The crypto exchange wants to see its stablecoin number two on the market, thereby dethroning USDC.


Currently, BUSD has a market cap of $21.62 billion. Unlike USDC, Binance's stablecoin has steadily grown by more than 22% since August 12.


Binance and WazirX also delisted USDC last month, causing USDC to lose around 6% of its market cap.


While none of this bodes well for USDC's future, the stablecoin will likely manage to maintain its position among the top 5 cryptocurrencies. However, hard work needs to be done to regain the trust of the major crypto exchanges.

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