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Cryptocurrency exchanges have faced a strong jolt over the past few days. The sudden declines in cryptocurrencies called TerraUSD (UST) and LUNA, the stable cryptocurrencies of which each unit corresponds to 1 dollar, exceeded 90%. This substantial depreciation has led crypto investors to alternative stable coins like USDC.

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Cryptocurrency markets started May with tremors. The losses in the stable cryptocurrency UST, fixed to 1 dollar, and LUNA, which works depending on it, had a shock effect on the markets. According to data from Coinmarketcap, UST cryptocurrency depreciation has approached 90% in a week. LUNA, which was over $80,000 at the beginning of May, lost almost all its value. Although the developers of cryptocurrencies have made voluminous Bitcoin sales, the problem has not yet been solved. Following the trend of alternative stable currencies by crypto money investors who want to protect their savings, ICRYPEX listed USD Coin (USDC), the most used stable currency in the market after Tether, on its platform.

Evaluating the developments, ICRYPEX CEO Gökalp İçer said, “TerraUSD and LUNA work with a seesaw mechanism. The value of LUNA varies based on TerraUSD (UST), which should always be equivalent to $1 as it is pegged to the dollar. With fundamental market principles such as supply and demand, these two cryptocurrencies balance each other. It is stated that the most important reason for the deterioration of this balance is the fact that 75% of all UST in circulation is separated from the Anchor Protocol, which works like a savings account and provides up to 20% returns to those who deposit their UST on the platform. Based on these developments, we have listed Tether's biggest competitor, USDC, on our ICRYPEX platform.”

Dominates 30% of the stable cryptocurrency market

Pointing out that 1 unit of USDC corresponds to 1 US dollar and is supported by an equivalent real asset, Gökalp İçer said, “The USDC, built on the Ethereum blockchain, follows the ERC-20 token standard, although it also works on other blockchains. Ethereum, a market-leading intelligent contract platform, is the mainstay of the decentralized finance (DeFi) concept with the support it receives from developers. It is also unaffected by the volatility attributed to the cryptocurrency markets, with the unit price pegged to $1. Unlike its biggest rival, Tether, USDC is mandated to provide full transparency and work with financial institutions to maintain the equivalent fiat currency reserves. Known to dominate 30% of the stable crypto money market, USDC transactions can be made via ICRYPEX with Tether and Turkish Lira parities.”

“We enrich our portfolio and keep assets in Turkey”

ICRYPEX CEO Gökalp İçer, who reminded that they listed three different crypto money projects of Justin Sun, the inventor of TRON, and SAND, the currency of Sandbox, one of the largest metaverse platforms in the world, in 2022, concluded his evaluations with the following statements: “As ICRYPEX, we continue to enrich our portfolio with the USD Coin listing, which ranks fourth in terms of market volume according to Coinmarketcap data. As a crypto money platform, which was established with a corporate structure in Turkey and has its own infrastructure, we host all the assets of our members within the borders of our country.”