Stablecoins play a key role in the decentralized finance and broader cryptocurrency ecosystem, without a doubt. But the rivalry between USDT និង USDC seems to have taken a different route.
USDT, continues to lead across all the top blockchains with a market cap exceeding $68 billion. This is followed by USDC with a market cap of $45 billion.
ប្រភព៖ Messari
In this regard, Messari បានបន្ថែម, ‘While this view paints a picture of the entirety of the stablecoin market, activity is not evenly distributed,’ especially when focusing on Circle’s stablecoin USDC.
The total supply of the stablecoin USD Coin (USDC) បានធ្លាក់ចុះ from $55.55 billion to ~$45 billion in the last 90 days, according to data from DeFiLlama.
Zooming out it can be seen that the USDC supply dropped by about $9 billion since early July. It registered the highest volume of USDC destroyed by Circle in any 90-day period.
ជាការពិតបន្ទាប់ពី USDC‘s market cap peaked in July, its percentage has been on a steady fall. During that same time, BUSD’s market share had an inverse correlation with USDC.
You ask, what might have caused this? Well, USDC lost 12% from its market cap since Binance បានប្រកាស that it would auto-convert exchange balances to its own BUSD stablecoin in September.
No coming back from here?
Furthermore, it was found by zooming into L2s that the concentration of USDC គឺ materially higher on the rollups than on the base network.
ប្រភព៖ Messari
Looking at the graph, one can clearly see that ‘USDC once again reigns supreme, but even more delightful for those at Circle, its share of the market is higher than 50% for both networks,’ Messari បានបន្ថែម.
Overall, BUSD managed to create some scare for the #2 largest stablecoin. However, there’s still a long way to go. But before that, the stablecoin family may need to maintain caution against regulatory hiccups.
Source: https://ambcrypto.com/usdt-usdc-busd-know-this-update-before-you-park-your-money-in-it/