Stable Coins Getting A Breath Of Fresh Air
It's been HOT to say the least in the crypto world the last month or two. Between constant SEC crack downs, fines and fees to people while still giving no real direction or clarity on many things besides simply attacking people and giving them a fine the SEC is once again just money grubbing into their stock piles like always.
However as of late it feels like the pressure is off of stable coins for the moment. What started months ago with LUNA losing it's pegged stable coin, FTX crash and more dominos falling it seems like stable coins are well stable again and everything is looking decently peachy.
We have also seen higher confidence in the crypto markets over the stock market the last few weeks as banks continue to turn into a huge mess.
USDC is circles issued stable coin token seems to be holding up the best besides that one hiccup from the banking system. It holds a massive 32 nearly 33 billion dollar market cap and with that has placed itself as one of the most dominate stable coins in the defi space.
One of the most predominate places USDC is currently being used is in the Defi protocol Curve.
USDC took a bit of a hit when the banking system started showing major signs on collapse once again. However it's price quickly recovered and we almost see that now as a trust factor for the USDC over other stable coins which could very well moonshot the amount of USDC there is and give tether who's been rather skittish about showing their real numbers and investments in audits.
USDC has seen a rather large increase in it's market cap as of late and with it the market cap increase of curve.
Curve also supports DAI and USDT both of which have been strong stable coins and now Curve is showing a rather balanced portfolio of USDC, DAI and USDT in it's pools which is a good thing as having too much in one single asset can spell doom if anything should happen.
This new era of stable coins getting renewed focus and security could pave the way for a major bull run as people pull out of traditional banking sector and stocks and start to build confidence in stable coin and the promise of much higher APR rates. These next few months will be a telling time.
Posted Using LeoFinance Beta