Second largest stablecoin USD Coin issued by fintech heavyweight Circle has seen its market capitalization falling for 13 consecutive months. Meanwhile, its main competitors are eating USDC's share of the stablecoin segment.Today, Aug. 3, 2023, the aggregated market capitalization of USD Coin , the second largest stablecoin, dropped to $26.1 billion in equivalent. At its peak, registered in late June 2022, USDC's market cap was close to $56 billion.
USDC's main competitor, U.S. Dollar Tether , the largest stablecoin, increased its market cap by 25.7% and established a new record for stablecoins, with $83 billion equivalent in circulation.USDC's market cap decline accelerated after the painful de-pegging of March 11, 2023. As covered by U.Today previously, USDC holders started panic-selling it amid rumors of insolvency by banks that allegedly stored Circle's resources.