Over the weekend, stablecoins became “unstable” as fifth-ranked cryptocurrency as Circle USDC in market value lost its dollar peg.
Following the event, a lot of investors switched sides and held their stables in Tether [USDT] . This led to a drop in USDC’s market capitalization and increased dominance for Tether.
Realistic or not, here’s USDC’s market cap in USDT’s terms While many may have believed that USDT could act as a safe haven, not many trusted keeping them on exchanges.
In fact, whales were the leading light in this group. According to Santiment, about $1 billion USDT left exchanges and were moved into self-custody multiple times in the last ten days.Read more on ambcrypto.com