Though USDC regains market confidence, this area still concerns investors

USDC’s market cap dropped to 18-month lows as depeg impact extended. The demand for the stablecoin saw some recovery fueled by demand in smart contracts. Circle [USDC] experienced robust outflows in the last two weeks of March, which initially triggered a depeg. It eventually regained its dollar peg and has since then remained stable until […]

This observation confirmed that USDC was recovering, especially in DeFi. This may help soften its fall and perhaps even help turn things around in the mid to long term. Could the recent woes turn out to be a blessing in disguise?

Some may view USDC’s depegging as a good sign because it exposed a point of weakness due to SVB’s exposure. However, that point of weakness has not been dealt with and the has regained its peg. Exchange flow data revealed that there have been significant exchange flows in the last seven days. This included healthy outflows, which may suggest demand recovery.The exchange flows were backed by noteworthy address activity. The number of daily active addresses trading with USDC dropped since the SVB incident. Perhaps USDC’s recovery inspired confidence among users. A more favorable outcome than UST’s situation months prior.Subscribe to get it daily in your inbox.

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