This week, the crypto market touched rock bottom as the drop in Bitcoin, altcoins and stablecoins soured investor sentiment. In at least two years, Bitcoin had its most tumultuous week and the market continued to experience a panic selloff on Saturday.
The market’s majority of stablecoins have lost their $1 parity. Tether (USDT), the largest stablecoin, for example, has lost $1 in value against the US dollar. USDT has lost 7% of its value in the last week and is currently trading at $0.99 per unit.
USDC Sustains Crypto Bloodbath
The second largest stablecoin, on the other hand, appears to be bearing the storm and maintaining parity. The price of the USD Coin is currently $1, with a 24-hour trading volume of $7,469,042,412. According to Coingecko, it has a circulating supply of 51 billion USDC coins and a total supply of 50.9 billion.
Because of the influence of social media on the cryptocurrency business, social volume is an excellent statistic for investors.
Even since the beginning, cryptocurrencies and/or stablecoins have had a close link with online forums and social media platforms.
Next, Development Activity is a frequently overlooked metric for project success. USDC’s development activity illustrates the company’s month-to-month commitment to delivering a viable product while also improving and enhancing its features.
Thousands of projects and exchanges in over 190 countries support USDC, making it easier for market players to utilize and exchange the currency. One of the reasons the metrics projected a positive picture was because of this.
Circle has issued 8.4 billion USDC and redeemed 6.7 billion USDC in the last seven days. The USDC reserve was made up of $11.6 billion in cash (22.9%) and $39.0 billion in US Treasury bonds (77.1 percent ). There is 50.6 billion USDC in circulation as of May 13th.
The group stated,
“Circle has intended for USD Coin (USDC) to be the most transparent and trusted dollar digital currency. We remain committed to transparency and trust. Will continue to enhance reporting and disclosure with simple, clear and frequent updates.”
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Source: https://coinpedia.org/news/stablecoin-crash-this-is-why-usdc-is-unaffected-with-the-panic-sell-off/