USDC, Circle’s once-battered stablecoin, has finally officially pulled off a full recovery from the disaster of FTX’s collapse. Its market cap is back at $56.2 billion, matching what it was before the crypto giant fell apart in November 2022.
At some point in early 2023, USDC actually tumbled all the way to $24.5 billion. Unlike its rival, Tether’s USDT, which hit recovery mode in April 2024, USDC took a long way back.
Now crypto markets have been enjoying a boost since Donald Trump returned to the White House, with his pro-crypto executive order helping stablecoins make serious gains.
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The order, which was signed on Jan. 24, talked about supporting dollar-backed stablecoins to “promote the growth of lawful and legitimate” financial tools globally.
In November 2022, when FTX filed for bankruptcy, the panic among investors was immediate.
Over $6 billion in USDC was redeemed within 72 hours, causing its market cap to shrink from $44.5 billion to $38 billion in a flash. People wanted liquidity, and USDC was one of the fastest routes back to dollars.
