Bubble
USDC USDC
USDC (USDC) was trading at $0.9999, ranked #5 by market cap at $73.18B, with 24h volume of $11.16B.
Data snapshot: 2026-07-22 18:00 UTC.
USDC is a US dollar-pegged stablecoin issued by Circle, backed 1:1 by cash and short-duration US Treasuries held in regulated reserve accounts with monthly attestations. Launched in 2018, it's one of the most widely used stablecoins in DeFi, payments and cross-border settlement thanks to its transparency and multi-chain availability. USDC is the stablecoin most used by regulated businesses and institutions, issued under US money-transmitter licensing with monthly attestations and reserves held in cash and short-dated Treasuries. Its most instructive moment was March 2023, when part of its reserves sat at a bank that failed and USDC briefly traded below a dollar before recovering — a reminder that a fully reserved stablecoin still carries the credit risk of where those reserves are held. On this map its market cap is a useful gauge of institutional dollar presence on-chain, distinct from USDT's more retail and offshore footprint.
How is USDC different from USDT?
USDC is issued under US regulatory licensing with monthly attestations and reserves in cash and short-dated Treasuries. USDT is larger and more widely used offshore. Both aim to hold one dollar.
Has USDC ever lost its peg?
Briefly in March 2023, when part of its reserves were held at a bank that failed. It traded below a dollar for several days before recovering once the deposits were guaranteed.
What does that episode teach?
That full reserve backing does not remove risk — it relocates it to wherever the reserves are held. Counterparty and banking risk still apply.
Why compare USDC's market cap with USDT's?
The two serve different user bases. The balance between them is a rough indicator of institutional versus offshore retail dollar activity on-chain.
Market cap decides how big a bubble is drawn, so rank is what places USDC on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #3 | Tether (USDT) | $184.09B |
| #5 | USDC (USDC) | $73.18B |
| #13 | USDS (USDS) | $9.91B |
| #14 | Binance Bridged USDT (BNB Smart Chain) (BSC-USD) | $9.17B |
| #180 | EUR CoinVertible (EURCV) | $181.14M |