CircleCEO Jeremy Allaireattributed the decline in USDC’s market value to regulatory pressures and the banking crisis in the US.
The economic conditions and regulatory pressures in the US have taken the crypto industry under its influence. Especially the moves of the SEC and CFTC are pushing many crypto organizations to create new plans. coinbaseis considering leaving the US due to regulatory clarifications.
USDCthe name behind Circle, the issuing company Jeremy Allaire is aware of the problems. Allaire, of USDCto lose value USA to the regulatorsAnd banking to the crisistied up.
Circle CEO Talks About USDC and US Regulators
Circle CEO Jeremy Allaire conducted an interview with Bloomberg. In this interview, USDCAnd in the USAHe talked about factors.
Allaire attributed the USDC’s depreciation to intense pressure from US regulators. In addition, Allaire said that investors are leaving the stablecoin after the banking crisis and regulatory turmoil in the US.
Sharing his views on the subject, Allaire stated that he was concerned about the banking crisis in the US and the pressure from the US regulators.
Earlier, USDC depegged after the banking crisis in the USA and fell below $1. USDC’s market value has dropped by nearly $13 billion since March. But on the other hand USDTreached a market capitalization of $80 billion, with continued inflows of money.
In addition, Allaire argued that the European Union, Hong Kong, Singapore and the Middle East are ahead of the United States when it comes to crypto.
