USDC Transaction Volume 5x USDT Volume Due to FTX Crash
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USDC Transaction Volume 5x USDT Volume Due to FTX Crash The popularity of the stablecoin USDCoin (USDC) has grown since the crash of the FTX exchange, and today the volume of daily USDC transfers is often four to five times higher than that of its main competitor, Tether (USDT). This is despite USDT having a $23 billion market cap higher than USDC. As of January 10, the difference in transaction volumes was in favor of USDC by four and a half times. Both stablecoins have seen a spike in transfer volumes following Binance CEO Changpeng Zhao’s infamous tweet on Nov.
As confirmed by IntoTheBlock’s analysis, Tether (USDT) and USD Coin (USDC) have hit significant milestones in the crypto market. These two dominant stablecoins have continued to account for almost 50% of transaction volume across all significant cryptocurrencies. This dominance showcases the importance of stablecoins in the rest of the crypto…
The stablecoin market is growing, increasing liquidity and stabilizing the crypto space. This growth can be seen in the two largest stablecoins, Tether USD (USDT) and USD Coin (USDC), which are now responsible for a large portion of the crypto market’s transaction volume. A tweet by the decentralized finance analysis…