Capital is beginning to circulate into USDT out of USDC, in response to Glassnode information analyzed by CryptoSlate.
The chart above reveals the market cap of USDT and USDC – each stablecoins which might be pegged to the US greenback – since March 2021.
Starting in Jan. 2023, a pattern reversal began to take form, with USDC shedding market cap equal to the speed of USDT gaining it.
USDC presently has a market cap of US$40.69 billion, whereas USDT presently sits atop a market cap of US$68.48 billion.
The information comes on the heels of a wider shakeup within the stablecoin trade, with regulators within the US starting to scrutinize the issuance of BUSD by Paxos.
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