Circle CEO Jeremy Allaire on Wednesday said regulatory burden and regulators pushing to debunk the crypto market are causing the market value of USD Coin (USDC) stablecoin to continue falling. Allaire revealed investors are pushing to “de-risk out of the US” amid a lack of regulatory clarity in the country.
USDC Issuer Circle CEO Hints At US Exit Amid Regulatory and Banking Woes
The market cap of USDC stablecoin tumbled to $30.6 billion today, continuing its fall since mid-2022. While USDC is falling, the market cap of other stablecoins such as Tether (USDT) recovered above $81 billion amid the market rally this year.
During an interview on Bloomberg Television on April 26, Circle CEO Jeremy Allaire said:
“We are seeing a huge amount of concern globally about the US banking system. We are seeing concern about the regulatory environment in the US.”
USDC stablecoin reserves are majority backed by US treasuries and cash deposits. The USDC depegged to the US dollar during the banki
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