Cryptocurrencies
Circle’s Stablecoin Regains Market Cap Lost From Crypto Collapse
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Circle Internet Financial Ltd.’s USDC stablecoin has gained back all of the market value it lost after the collapse in crypto prices following the failure of FTX.
USDC reached a market value of $56.2 billion on Friday, after falling to $24.5 billion in 2023, according to data from CoinMarketCap. Circle’s stablecoin took much longer to recoup its value lost compared to market leader Tether Holdings Ltd.’s USDT, which reached that milestone in April 2023.