USDC, Circle's stablecoin, has fully recovered from the collapse of FTX, reaching a market cap of $56.2 billion. In early 2023, USDC dropped to $24.5 billion but took a longer route to recovery compared to Tether's USDT. The return of Donald Trump to the White House and his pro-crypto executive order have boosted stablecoins. FTX's bankruptcy and Binance's conversion of USDC to BUSD caused significant damage to the stablecoin's liquidity. In March 2023, USDC's peg broke due to the collapse of Silicon Valley Bank. USDC's recovery was supported by partnerships, regulatory engagement, and a focus on liquidity. Institutional adoption and the introduction of stablecoin regulation legislation also contributed to the recovery. Despite the recovery, Tether still dominates the stablecoin market with a $96.4 billion market cap.



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