Circle's stock price halved in 45 days, accompanied by a sharp decline in USDC circulation. Data shows 75% of USDC flows through exchanges and DeFi protocols, with TVL contraction and security incidents amplifying market concerns. Despite applications in institutional payments and compliance, USDC's issuance growth remains heavily dependent on DeFi activity.
Circle's stock price halved in 45 days, while USDC circulation dropped significantly, highlighting the stablecoin issuer's deep entanglement with the DeFi ecosystem. Data reveals that 75% of USDC circulates through exchanges and DeFi protocols, and the contraction of total value locked (TVL) combined with recent security incidents has intensified market unease. Although USDC has found use cases in institutional payments and regulated scenarios, its actual issuance growth still relies heavily on DeFi activity levels.
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