Quick Take
As per recent data analysis, USD Coin (USDC) is witnessing a significant contraction in its circulating supply. The second-largest stablecoin has dipped below the 25 billion mark, a low not seen since 2021, due to the decision by its issuer, Circle, to halt minting services for retail consumers.
While this development doesn’t impact the business or institutional accounts, it has indeed left a mark on the overall USDC supply, falling from 25.04 billion on Oct. 30 to 24.4 billion by Nov. 3.
This decrease follows an earlier setback where USDC was implicated to have exposure to the U.S. banking crisis back in March 2023.
In the meantime, Tether’s USDT has been reaping the benefits of USDC’s predicament, as it races towards an unprecedented market capitalization high of $85 billion.
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