USDC's circulating supply has fallen by about 1.3 billion over the past seven days, bringing the total down to 67.9 billion. For CRCL, this is more worth watching than weekend market sentiment: stablecoin supply is shrinking, but integrations for specific applications have not stopped.
The dYdX v9.9 upgrade proposal plans to gradually migrate the backing for approximately 68 million USDC from Noble to Injective. The governance vote is scheduled to end on November 16.
Two things need to be considered separately next: whether USDC's circulating supply across the network can stop falling, and whether actual usage on the rails increases after dYdX completes the migration. If application access continues to expand but still cannot offset the decline in total circulating supply, how much should the market value CRCL's stablecoin network?
The dYdX v9.9 upgrade proposal plans to gradually migrate the backing for approximately 68 million USDC from Noble to Injective. The governance vote is scheduled to end on November 16.
Two things need to be considered separately next: whether USDC's circulating supply across the network can stop falling, and whether actual usage on the rails increases after dYdX completes the migration. If application access continues to expand but still cannot offset the decline in total circulating supply, how much should the market value CRCL's stablecoin network?