$USDC - **Market Capitalization**: As of July 2024, USDC is the **second largest stablecoin** by market capitalization (after Tether/USDT), with approximately **32 billion USD** in circulation. This is a recovery after the sharp decline in 2023 due to the Silicon Valley Bank (SVB) crisis.

- **Value Guarantee**: Fully backed by cash and short-term US government bonds, with monthly audits by major accounting firms (e.g., Deloitte).

- **Peg Loss Event (3/2023)**: USDC temporarily lost its peg when SVB collapsed (Circle held 3.3 billion USD at SVB). The price recovered after the US government guaranteed repayment to SVB depositors.