USDC Stablecoin Strengthened by U.S. Banking Crisis in March, Circle CEO Says
The stablecoin issuer has upgraded its market infrastructure after its stablecoin lost its dollar peg.
AUSTIN, Texas — The USDC stablecoin has emerged from March’s banking crisis stronger and safer, Jeremy Allaire, CEO of issuer Circle Internet Financial, said Wednesday.
USD coin, a critical rail for moving money through the crypto industry, lost its dollar peg in mid-March after Silicon Valley Bank’s failure temporarily imperiled billions of dollars of Circle's cash reserves. Though it quickly recovered ground, the event spooked investors and sparked massive outflows from the second-largest stablecoin. Circle held some of its USDC reserves at Silicon Valley Bank.
“We've successfully navigated this crisis, and have actually upgraded the market infrastructure behind USDC to be by far the strongest, safest digital dollar on the internet today, hands down, there's no question,” Allaire said on stage at CoinDesk’s Consensus conference here.
He drew a contrast between USDC and other “alternatives we don't know much about.” That unspoken competitor was
But the market disagreed. Since March’s banking crisis, USDC’s market cap has fallen to $29 billion from $39 billion, according to Nansen. Tether, meantime, has gained market share.
Still, Allaire said USDC needs to become safer still. He said that can happen only with legislation at the federal level.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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