CRYPTO NEWS

USDC Become More Popular against USDT

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The relevant indicator here is the the “circulating supply,” which is a measure of the number of coins currently in circulation.

The below chart shows the trend in the Tether USD supply over the past few months:

Data is Taken From Glassnode

The most relevant indicator is the “circulating supply,” which is an indicator of the quantity of coins that are currently in circulation.

The chart below shows the current trend of Tether USD supply. US Tether Supply over the last few months:

Like you see from the graph above, the total USDT supply was been in the upper reaches of all-time high amounts of around $83 billion in the beginning of the month.

However, over the past week, the indicator has seen an elongated decline as $7.5 billion was redeemed from the currency. The total amount of Tether is currently $75.7 billion.

The decrease in the supply of USDT occurred following the demise of Terra USD since investors could have begun to withdraw of the stablecoin out of anticipation of a similar catastrophe that could occur with Tether.

The coin’s peg was under threat because the supply of the coin declined and the price plummeted to $0.95 on May 12.

But it was not long before the currency returned to the USD value. As this happened the USDC’s supply fluctuated:

The supply of USDC Coin’s was been in decline since February of this year. however, over the past week, the indicator reversed the trend , and is currently rapidly increasing.

The total amount of the coin is currently at approximately $51 billion due to the increase in $2.6 billion in the last year.

The recent trends in the supply of the two currencies could indicate that investors are increasingly favoring USDC Coin in place of USD during times of anxiety like the present market.

Data By Glassnode USDT and USDC

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