RATE Group | Circle’s USD Coin Sees Major Growth After Market Downturn
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Circle’s USD Coin Sees Major Growth After Market Downturn

16 Mar Circle’s USD Coin Sees Major Growth After Market Downturn

Posted at 04:03h in Cryptocurrency News by

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As Bitcoin (BTC) and the cryptocurrency market at large experience a major downturn, people turn to stablecoins in an attempt to preserve their capital. Some stablecoins have grown more than others, however.

Stablecoin marketcaps are generally expected to increase after a major cryptocurrency market downturn. However, this is not what happened for most stablecoins during the past week.

According to data from Coin360, Bitcoin has fallen from a height of nearly $8,000, down to under $4,000 between March 12 to March 13.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

USDC market cap sees major growth

Jeremy Allaire, the co-founder and CEO of Circle – the firm behind the stablecoin called USD Coin (USDC) — pointed out that on March 14, the market cap of his company’s stablecoin reached a new all-time high of $568 million after the market downturn. He commented:

“While not as exciting to see markets so crushed, it’s still rewarding to see that this entirely new, entirely digital,…

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