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Author Topic: As Tether Faces Billions in Redemptions, Circle's USDC Is Gaining Ground  (Read 30 times)

Jaya60

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Tether's market cap has dropped by 19% since the start of May, while USDC's has climbed by 5%.But over the past two months—through Terra's UST stablecoin collapse, panic over a potential bank run at crypto lending company Celsius, and insolvency for crypto hedge fund Three Arrows Capital—that bearish behavior has played out very differently for the two largest stablecoins by market capitalization: Tether (USDT) and US Dollar Coin (USDC).While Tether’s market cap has lost 19% since the start of May, when it set a new all-time high of $83 billion, USDC has gained 5% and hit an all-time high of $56 billion, according to a Decrypt analysis using CoinGecko data. This means that Tether's supply has been rapidly shrinking since May—a sign that large investors have been cashing out their USDT positions since the market crash—while USDC's supply has increased, suggesting increased demand.more info
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