3 reasons why USDC stablecoin dropping below $50B market cap is Tether’s gain

The market capitalization of (USDC), a stablecoin issued by U.S.-based payment tech firm Circle, has dropped below $50 billion for the first time since January 2022.

On the weekly chart, USDC’s market cap, which reflects the number of U.S. dollar-backed tokens in circulation, fell to $49.39 billion on Sept. 26, down almost 12% from its record high of $55.88 billion, established merely three months ago.

USDC versus USDT weekly market cap chart. Source: TradingViewUSDC supply held by top 1% addresses. Source: GlassnodeAll stablecoins’ circulating supply. Source: CryptQuant

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