USDC generates large amounts of revenue through its treasury bills. Despite the declining market cap, USDC dominates the market in terms of transfer volume. The stablecoin sector was impacted severely after the Silicon Valley Bank (SVB) Saga. Circle, the issuer of the USDC stablecoin was impacted the most as some of their holdings were with […]
, which collectively accounted for 29% and 35% of the overall revenue. When combined, Circle generated a net revenue of $314 million from all these revenue sources.
At press time, there was $32.6 billion worth of USDC in circulation. This was backed by $4.46 billion worth of cash at reserve banks and $28.4 billion in short-dated U.S treasuries.Despite the volatility faced by USDC due to the collapse of SVB, the transfer volume of USDC remained unaffected. According to Dune Analytics’ data, USDC was responsible for 62.9% of all
However, the number of addresses using USDC started to decline which could put its dominance in a tight spot.Source: Dune Analytics In terms of network growth, USDC also fell behind USDT. According to Santiment’s data, USDT surpassed both DAI and USDC in this regard. This suggested that most new addresses were more interested in USDT rather than DAI or USDC.At the time of writing, the market capitalization of USDC was $32.59 billion, a slight decrease from $32.75 billion observed over the previous days.Subscribe to get it daily in your inbox.
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