USDC's market capitalization as a share of the whole crypto market. USDC is used more heavily inside regulated venues and inside DeFi than USDT is, so its share tends to respond to different things: institutional flows, DeFi activity, and regulatory news in the United States and Europe.
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The plain description
USDC's market capitalization as a share of the whole crypto market.
USDC is used more heavily inside regulated venues and inside DeFi than USDT is, so its share tends to respond to different things: institutional flows, DeFi activity, and regulatory news in the United States and Europe.
Stated so you could reproduce it
USDC market cap divided by total crypto market cap, times 100.
The bands, and what each one actually means
| Reading | What it indicates |
|---|---|
| Rising alongside USDT | Dollars arriving in crypto generally. The clearest version of the signal. |
| Rising while USDT falls | Usually a rotation between stablecoins rather than a change in how much money is present. |
| Falling sharply | Worth checking the reason. Redemptions, a depeg scare or a regulatory event all look identical in the ratio. |
The part that gets left out
- The same ratio problem as every dominance figure: it moves when the rest of the market moves, with no action in USDC at all.
- A large share of USDC supply is collateral inside DeFi, not capital waiting to buy something.
- USDC has depegged before, briefly, when a bank holding part of its reserves failed. A stablecoin holding a dollar is a design goal, not a guarantee.