Aptos

Billion

<div class="watcher-guru"> 
 <p><span style="font-size: revert;color: var(--tw-prose-body);font-style: var(--cs-font-base-style);font-weight: var(--cs-font-base-weight);letter-spacing: var(--cs-font-base-letter-spacing)">Distinct from conventional cryptocurrencies characterized by their price fluctuations, <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s are deliberately created to uphold a consistent value through their peg to a specific currency, such as the U.S. dollar.</span></p> 
 <p><a rel="noopener noreferrer nofollow" title="Circle" href="https://thebittimes.com/tag/circle.html">Circle</a>, the issuer behind the <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>, has been facing tight competition from Tether. With almost $57 billion in market capitalization, USDT is proving to be a close rival to <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>. In one of the recent statements by <a rel="noopener noreferrer nofollow" title="Circle" href="https://thebittimes.com/tag/circle.html">Circle</a> CEO Jeremy Allaire shared by Bloomberg, Allaire said the company is leveraging its $1 billion cash reserves to ride the drop in market share.</p> 
 <p><strong>Also read:&nbsp;US Inflation Rises to 3.2%</strong></p> 
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  <img decoding="async" width="1000" height="625" src="https://cdn.thebittimes.com/images/2023/08/11/47d5182fa0c2e22bd77d1e6b5b29f5e1.webp" alt="" class="wp-image-106496" srcset="https://cdn.thebittimes.com/images/2023/08/11/47d5182fa0c2e22bd77d1e6b5b29f5e1.webp 1000w, https://cdn.thebittimes.com/images/2023/08/11/47d5182fa0c2e22bd77d1e6b5b29f5e1.webp 300w, https://cdn.thebittimes.com/images/2023/08/11/47d5182fa0c2e22bd77d1e6b5b29f5e1.webp 768w, https://cdn.thebittimes.com/images/2023/08/11/47d5182fa0c2e22bd77d1e6b5b29f5e1.webp 380w, https://cdn.thebittimes.com/images/2023/08/11/47d5182fa0c2e22bd77d1e6b5b29f5e1.webp 550w, https://cdn.thebittimes.com/images/2023/08/11/47d5182fa0c2e22bd77d1e6b5b29f5e1.webp 800w" sizes="(max-width: 1000px) 100vw, 1000px"> 
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 <h2 class="wp-block-heading" id="h-circle-faces-a-drop-in-stablecoin-supply-since-2023-beginning">Circle faces a drop in stablecoin supply since 2023 beginning</h2> 
 <p>Data from The Block reveals that <a rel="noopener noreferrer nofollow" title="Circle" href="https://thebittimes.com/tag/circle.html">Circle</a>’s <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> supply has witnessed a notable drop since 2023’s beginning. <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>’s market cap witnessed a drop from its $42 billion market cap in January to its current market cap of $26 billion.</p> 
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 <p><strong>Also read:&nbsp;Microsoft Collaborates With Aptos to Explore Digital Payments and CBDCs</strong></p> 
 <p>Allaire attributed the decrease in levels to Binance’s choice to shift focus from the stablecoin in September of the previous year in favor of its own stablecoin, BUSD. On the other hand, USDT’s market cap stood at $83.4 billion at press time, according to CoinGecko data.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>Circle</li> 
  <li>stablecoin</li> 
  <li>USDC</li> 
 </ul> 
</div>

Circle (USDC) Leverages $1 Billion Reserves

Table of Contents

TheBitTimes

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