Circle CEO Jeremy Allaire attributed 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. Coinbase is considering leaving the US due to regulatory clarity.
Jeremy Allaire, the man behind USDC issuer Circle, is also aware of the problems. Allaire attributed the USDC depreciation to US regulators and the banking crisis.
Circle CEO Talks About USDC and US Regulators
Circle CEO Jeremy Allaire conducted an interview with Bloomberg. In this interview, he talked about USDC and factors in the US.
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, USDT has reached a market capitalization of $80 billion with constant money inflows.
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.
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