MakerDAO plans against sanctions from USDC exposure

Following Circle's freeze of blacklisted Tornado Cash addresses, MakerDAO is re-assessing the risks associated with its USDC collateral. The post MakerDAO plans against sanctions from USDC exposure appeared first on CryptoSlate.

Timeline of Maker, Usd-coin

While the cryptocurrencies are gaining mainstream attention, so does centralized stablecoins like Tether (USDT) and USD Coin (USDC). Now, Vitalik Buterin, Ethereum co-founder, claims that these centralized stablecoins are on the verge of becoming decision makers in the near future, hard forks that are always on dispute.

USD Coin from Circle, a technology company that develops peer-to-peer payments, is improving its positions as a leading stablecoin. Its market cap rose from $40 billion at the beginning of 2022 to almost $55 billion at the end of July.

Stablecoins have become a major part of the cryptocurrency space over time, with Tether USD (USDT) and USD Coin (USDC) now being the two leading stablecoins by market capitalization. While both are fully collateralized stablecoins, their underlying business models and infrastructure differ.

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The second biggest stablecoin by market cap, USDC, is expected to overtake USDT, according to analysts at Arcane Research. The post Research: USDC on track to flip USDT by Q3 to become leading stablecoin appeared first on CryptoSlate.

One of the more unsettling events in the stablecoin sector occurred in May when Terra's UST lost its 1:1 dollar peg. Chaos resulted from the de-peg, which also utterly destroyed Terra's legitimacy.

The stability of Stablecoins has been the biggest question in the crypto industry after the recent collapse of Terra's UST. However, many different stablecoins are trying hard to fill the gap made due to it.

The USD Coin technical score of 23 proposes a bearish signal emerging for the coin and now the price is set at $0.999137 or down by 0.2% in the past week as we can see more today in our USD Coin news.

On 18 July, MakerDAO's native token, MKR, rode the ongoing bull wave to mark its spot at a high of $1,043. However, this was followed by a retracement that sent the price of the token chasing new lows.

USD Coin price is currently trading at $0.999137, down 0.2 percent in the last seven days, data from Coingecko show, Saturday.  USDC hit its all-time high three years ago or on May 8, 2019, at $1.17.