Analysis Crypto by Thebittimes.Com

19 days ago, usd coin (USDC), the second largest stablecoin by market capitalization, had an overall valuation of around $48.82 billion and since then, it has continued to deflate down to today’s $44.93 billion. Statistics show that during the last three months, USDC’s market valuation has dropped by more than 19%, shedding approximately $10.59 billion. USDC Sheds $3.89 Billion in 19 Days, $10.59 Billion in 3 Months More than $10 billion worth of the stablecoin USDC has been erased from the project’s market capitalization since July 7, 2022. Bitcoin.com News reported on USDC’s market cap sliding much lower on September 28, 2022, or roughly 19 days ago. Metrics show usd coin (USDC), issued by the Centre consortium, is the fourth largest cryptocurrency today by market capitalization and the second largest stablecoin by market valuation, under tether (USDT). USDC/USD via Gemini on October 17, 2022. USDC’s market valuation actually rose after the Terra...

On October 13, 2022, Tether Holdings Limited announced that the stablecoin issuer has reduced the company’s commercial paper holdings down to zero. The company has said it would reach this goal for a while now, and Tether says that shrinking commercial paper holdings down to zero “demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market.” Tether Axes $30 Billion Worth of Commercial Paper Holdings, Firm Leverages US T-Bills Instead The company behind the largest stablecoin by market cap italization, Tether, has revealed that USDT’s reserves are exposed to U.S. Treasury Bills (T-Bills), in contrast to commercial paper holdings. The announcement follows the statement Tether’s chief technology officer Paolo Ardoino made on October 3. Tether-created chart that shows the stablecoin’s reduction in commercial paper holdings. At the time, Ardoino explained that U.S. Treasury bills represented more tha...