Circle has alluded to over $10 million exposure to FTX It also hinted at the loss suffered due to Binance’s auto conversion In a recent Twitter post, Circle’s Jeremy Allaire said that USDC only had a small amount of exposure to FTX. He did not specify in the thread in what capacity or how much […]
in September that it would automatically convert USDC to BUSD. Although Circle did not have the resources to determine the precise impact of Binance’s automated USDC-to-BUSD conversions on the reduction of USDC in circulation, they did note a roughly $3 billion gain inbetween 17 August and 30 September. The additional $13.5 billion USDC released by Circle since 30 June represented a 36% decrease from 2021 levels, the company said.
Circle stated in the filing that the falling market cap of USDC was influenced by the rising interest rate in the United States. Users, the company claims, are shifting their investments away from cryptocurrencies and into government bonds due to the interest rate hike. In search of security and diversification, even cryptocurrency companies like MakerDAO have recently announced the purchase of government bonds.According to CoinmarketCap’s USDC market cap graph, Stablecoin’s marketcap has been decreasing over the past few weeks. At the time of this writing, however, it was clear that things had begun to improve. Possible fear and uncertainty following the FTX revelation could be contributing to the observed drop.
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