The Stablecoin market, As with any crypto ecosystem, you will continue to see new updates every day.Especially after that, things changed rapidly TerraUSD [UST] Appeared in the photo just to crash and burn.Well, some people had a hard time going through the pegging release event, while others may have found a solid foundation to stand on.
Tether (USDT) It has been the dominant force in Stablecoin for the last few years. But Tether’s closest rival, Circle USD coin (USDC), may be a hot topic today.
“Stable” life circle
About 5 months ago, USDC Beyond US $ 50 billion milestones are in circulation. Despite this achievement, USDT maintained a large gap with other competitors.Mainly at the forefront of market capitalization and the number of transactions per day Ethereum [ETH] Blockchain. Well, this gap may have been a big hit.
Circle’s USDCoin (USDC) stablecoin eventually exceeded Tether’s USDT due to the number of daily transactions on the Ethereum blockchain. Alex SvanevikCEO of on-chain data hub Nansen, share This milestone on Twitter.
sauce: Nansen
Circle’s Dolpegg Stablecoin has not yet reversed USDT by market capitalization. The two cryptocurrencies are currently valued at $ 67.8 billion and $ 55.5 billion, respectively. But given the headwinds, tethers can lose their foothold and even the fight. Meanwhile, in this turmoil, USDC I found an interest From market investors.
Terra’s USD de-pegging and final collapse has shocked the entire crypto market.Major stablecoins such as Tether [USDT] When USD coin [USDC]When DAI A big change was seen. In fact, USDT has not yet achieved the $ 1 peg as it circled the $ 0.99 mark during the press.
To make matters worse, Tether’s Chief Technology Officer Paolo Ardoino Confirmed Incidence of DDoS attacks.Here, tether received 8M request / 5 minutes as opposed to normal 2k request / 5 minutes.
On the contrary, USDC maintained a $ 1 peg at CoinMarketCap at the time of the press. In fact, USDC is the most used stablecoin for volume transfer and holds a 51.5% share in this regard.
The shares of Tether and DAI are only 25% and 11.4%, respectively.
Source: Dune Analytics
This shows an unprecedented rise for USDC despite market turmoil.
Games, sets, matches?
Well, it’s not.Tether (USDT) is not Give up USDT continues to be the top player in the stablecoin market. That said, regulatory wounds are a source of caution.
Tether said that “backing. “ I have faced several proceedings in the last few years. As a result, the company’s efforts to provide transparency could not upset the bad press surrounding it.
Meanwhile, Circle, a financial services company focused on the regulated cryptography behind Dolpegg’s Stablecoin, does not face such regulatory hurdles. Over time you will see what this competition will be like.
