{"id":77878,"date":"2023-04-26T14:07:34","date_gmt":"2023-04-26T11:07:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77878"},"modified":"2025-09-11T01:46:44","modified_gmt":"2025-09-10T22:46:44","slug":"circle-ceo-attributes-usdcs-decline-in-market-capitalization-to-regulator-actions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/circle-ceo-attributes-usdcs-decline-in-market-capitalization-to-regulator-actions\/","title":{"rendered":"Circle CEO attributes USDC’s decline in market capitalization to regulator actions"},"content":{"rendered":"

Regulatory actions against crypto firms have been the main factor behind the decline in USD\u0421<\/a>‘s market capitalization. In an interview with Bloomberg<\/a>, Circle CEO Jeremy Allaire said.<\/p>\n

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Over the last six months, the stablecoin’s total market value fell by 30% \u2014 from $43.7 billion to $30.7 billion, according to CoinGecko<\/a>. The downward trend began in March. At its peak, the capitalization reached $56 billion.<\/p>\n

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Besides regulatory tightening, the banking crisis also played a role \u2014 Circle’s share in the SVB collapse <\/a> accounted for about 8% of the total cash reserves backing the stablecoin’s value.<\/p>\n

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On March 11, amid the collapse of the institution, USDC lost<\/a> its peg to the U.S. dollar. Later, Circle said it had resolved<\/a> the issues with the asset’s banking support.<\/p>\n

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Allaire noted that there is currently “enormous concern about the U.S. banking system” and “the regulatory environment in the country.”<\/p>\n

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The executive said that the European Parliament’s MiCA bill<\/a>,Hong Kong’s creation of a business-friendly environment<\/a> and similar initiatives in the Middle East<\/a> could lead the United States to lose its leading position in the sector.<\/p>\n

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“A critical moment \u2026 for Congress to act”<\/em>, Allaire said.<\/p>\n<\/blockquote>\n

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In 2023 the SEC<\/span> pointed to violations in the operations of Bittrex<\/a>, Coinbase<\/a>, Kraken<\/a>, Gemini and Genesis<\/a>. CFTC<\/span> filed against Binance<\/a> and its CEO Changpeng Zhao. The regulator accused the crypto exchange of \u201cwillful evasion of U.S. law\u201d and non-compliance with the rules.<\/p>\n

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Previously, Coinbase CEO Brian Armstrong said the company may exit<\/a> the U.S. market. Before that, the top executive had repeatedly criticised<\/a> the SEC’s policy toward digital assets.<\/p>\n

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In March, Circle applied<\/a> for licenses as a digital-asset service provider and as an electronic money institution in France.<\/p>\n

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The company plans to bring its flagship product to the local market \u2014 the euro-denominated stablecoin EUROC<\/a> \u2014 and to initiate its recognition under MiCA.<\/p>\n","protected":false},"excerpt":{"rendered":"

Regulatory actions against crypto firms have been the main factor behind the decline in {{AOPEN_1}}USD\u0421{{ACLOSE_1}}’s market capitalization. In an interview with Bloomberg, Circle CEO Jeremy Allaire said.<\/p>\n","protected":false},"author":1,"featured_media":77879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,807,910],"class_list":["post-77878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-stablecoins","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77878"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77878\/revisions"}],"predecessor-version":[{"id":77880,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77878\/revisions\/77880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77879"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}