Traders Shifting From USDT to USDC
Glassnode, an on-chain data analytics platform, disclosed today that USDC, the world’s second largest stable coin, is gaining traction as crypto investors prefer it over USDT. This may be seen in the total number of supplies added to the coin in the last month alone.
USDC had a market cap of $4.1 billion in January 2021, but it has since increased by nearly 1000 percent to $55.27 billion. According to Glassnode, total stablecoin redemptions have totaled $9.92 billion since the beginning of May 2022. According to the data, USDT witnessed the greatest redemptions of -$13 billion from the beginning of May to today, followed by DAI with -$2 billion, owing to investors closing down leverage or liquidation. Meanwhile, the market capitalization of USDC has increased by $5 billion in less than two months.
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