USDC has surpassed USDT in the number of daily transactions
Once again, we have to thank UST for this one. Luna really did a solid to all the stablecoins by farewelling its peg. With all the recent blows to USDT, including Celsius freezing its withdrawals, and the fact that the token still hasn’t fully recovered from its slight depegging (as of now, USDT trades at around $0,99), fears stay high for a Terra-like collapse. Although the USDT doesn’t use the algorithmic peg such as the UST.
Nevertheless, holders are migrating towards seemingly higher stability of USDC, which generates a snowball effect. But it also needs to be noted that while USDT lost out to USDC on Ethereum, it still has more tokens on Tron compared to Ethereum. Today, Tether informed Euromoney that it is prepared to commit to a full audit of its reserves by a Top 12 firm to offer greater transparency and calm down the fears among investors.
Will this keep the USDT boat afloat through the crisis? Let us know what you think in the comments.
