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The market capitalization of the USDC stablecoin is currently at a two-year low, with analysts saying it has yet to fully recover following the de-pegging earlier in the year.
Data from CoinGecko shows that the USDC market value is just over $26 billion. This is its lowest level since July 2021, when it reached $25.1 billion.
The stablecoin remains the sixth largest cryptocurrency by market capitalization. But it has fallen further behind, in terms of dominance, than its biggest competitor. Tether (USDT), which is currently valued at $82.7 billion.