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US-based stablecoins suffered in 2023 as key players battle it out

At the end of 2023, algorithmic stablecoins are out, US-based stablecoins are shrinking, and international ones like Tether are exploding.

The beef between Circle and Tether

Circle and Tether executives have engaged in a series of increasingly public spats as the firms vie for control of the stablecoin market.

An anonymous source claims Coinbase was about to bail out its partner Circle to bring stablecoin USDC back up to $1 during SVB’s bank-run.

A new scam appears to allow users to avoid the risk of a USDC depeg, but instead it drains the wallet of unsuspecting victims.

The FDIC has taken over two banks at which Circle held billions of dollars worth of backing for DeFi’s most popular denominator.