The stablecoin's top-rival Tether has witnessed growth in its market cap, on the other hand.
The issue deals with a lawsuit that has been ongoing since October 2019.
The world's largest crypto exchange announced Monday it would cease trading support for USDC and auto-covert deposits to its own stablecoin after Sept 29.
The crypto exchange was responding to questions from Cointelegraph after announcing it would cease trading support for USDC and two other stablecoins this month.
Wall Street Journal’s Jean Eaglesham and Vicky Ge Huang suggested that such a “thin cushion of equity” could cause mayhem in the market if Tether’s liabilities were to outweigh its assets.
Tether's market capitalization has reversed a three-month downtrend while USDC sees a drop in value after the U.S. imposed sanctions against Tornado Cash.