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News Explorer — Tether, DAI, TrueUSD Capitalized on USDC's Wobble, Increasing Their Market Caps

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Mar 14, 5:09 pm
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Tether, DAI, TrueUSD Capitalized on USDC's Wobble, Increasing Their Market Caps

USD Coin (USDC) holders experienced a turbulent weekend, as the market capitalizations of several other stablecoins saw a sudden spike. After Circle, the company behind USDC, disclosed it held $3.3 billion in cash reserves in the now-collapsed Silicon Valley Bank (SVB), the stablecoin fell from its dollar peg to $0.87. However, with intervention from U.S. and British regulators, USDC has since recovered. Competitors have capitalized on the brief wobble, with Tether, DAI, TrueUSD, and Liquity all seeing an increase in their market capitalizations.

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