According to MarsBit, Circle's stock price halved within 45 days, accompanied by a sharp decline in USDC circulation. Data shows that approximately 75% of USDC flows through centralized exchanges (CEX) and DeFi protocols, indicating Circle's deep ties to the DeFi ecosystem.
The shrinkage of DeFi total value locked (TVL) and multiple security incidents have intensified market concerns about USDC's dependence. Although USDC has found applications in compliant scenarios like institutional payments, its actual issuance growth remains highly reliant on DeFi activity.
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