Tether surpasses $100 billion, dominating the stablecoin market with record growth.
The USDC lost its peg to the dollar yesterday. Instead of trading at 1 dollar, this stablecoin from Circle saw its value drop to an alarming level on Binance. This created a situation of panic within the crypto community.
While Binance finds itself in the SEC's crosshairs, another crypto, USDC, finds itself caught up in this storm. But what's really going on, and why is Circle concerned?
Unlike other cryptos, stablecoins inspire relatively more confidence among users. This is due to the stability of their value, which correlates with that of a fiat currency. However, their monetary status had never been officially recognized. At least, until Jerome Powell, Chairman of the US Federal Reserve (Fed), did so. Is this a turning point?