Investors Shore Up Stablecoins as Silvergate Exodus Worsens
- Stablecoin volume ticks up as crypto firms move money around
- Many trading desks no longer making payments via Silvergate
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Investors are shoring up the circulation of stablecoins even as the broader crypto market weathers a downturn, turning to dollar-equivalent tokens as a substitute for cash following the unraveling of crypto-friendly bank Silvergate Capital Corp.
The sector’s two largest stablecoins by market value, Tether’s USDT and Circle’s USDC, showed an uptick in activity during morning hours in India on Friday. The 24-hour trading volume for USDT stood at $43.2 billion on March 3, compared with $39.9 billion for the whole of the previous day, while USDC volumes jumped to $4 billion from $3.4 billion, according to pricing data from CoinGecko.