Market Wrap: Bear Market Guides in Vogue as Bitcoin Drops for Fourth Straight Day
— Nearly zero, Vogue, Usdc, Fourth, Tokens, 10 billion, Choice, Ust, Bybit ’, Stablecoins — 1 min read
In May, Terra's UST, then the third-largest stablecoin by market cap, crashed to nearly zero from its dollar peg. Tether (USDT), the largest stablecoin, lost $10 billion in market capitalization the same month when investors started to redeem the tokens. Bybit’s choice to use USDC for contracts because of its stability unfolds despite increasing doubts about stablecoins. The company is using USDC as a contract to secure contracts with the government of the United States, which has a stablecoin peg, for the first time in the last month, in a bid to secure a deal with the U.S. government. USDC will be the first stablecoin to be used by the government in the next two months. Source