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Circle Relies on $1B Cash Reserve to Fight Competition
Prominent Stablecoin issuer Circle is demonstrating its commitment to adaptability and resilience as it faces renewed competition from unexpected players.
As non-crypto giants such as PayPal Holdings Inc (NASDAQ: PYPL) enter the field, Circle’s CEO Jeremy Allaire revealed in an interview with Bloomberg that the company is relying on a substantial cash cushion exceeding $1 billion to weather the storm while addressing a decline in the market share of its stablecoin.
Circle Reserve and USDC Market Share Slump
At the beginning of the year, Circle’s USD Coin (USDC) was riding high with a circulation of approximately $45 billion. However, that figure has since plummeted to around $26 billion. This downward trajectory stands in stark contrast to the growth of Tether (USDT), the largest stablecoin by market capitalization, during the same period.
Jeremy Allaire reiterated that various “tail-risk events” in the crypto i
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