Investors are cashing out their USD Coin (USDC) like never before.

Data from CoinGecko shows that the market cap of USDC has been steadily plunging and has hit a two-year low.

Right now, its market cap stands at $26.1 billion, making it the sixth largest digital asset. For most of last year it was comfortably the fourth-largest asset, behind Bitcoin, Ethereum, and its stablecoin competitor Tether. In fact, it came close to catching up with USDT in 2022. But that figure has been shrinking—and quickly—this year. When the banking crisis hit the U.S. earlier this year, Circle, the company behind the USDC, was one tech company that got hurt.

USDC is a stablecoin, considered the backbone of the crypto economy, such assets are pegged to a real life, stable asset—in this case, the U.S. dollar. That means there’s a dollar in reserve to back every USDC token in circulation.

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Author: Mathew Di Salvo

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