Find out how USDC has managed to gain space on top of USDT stablecoins
Stablecoins are assets considered refuges in a cryptocurrency bear market. Investors need to protect their capital when the bears are dominant, and many of them believe the best way is through tokens designed to stay as close to $1 as possible.
In this scenario, fifth place occupied by XRP now belongs to USDC, Circle’s stablecoin. The seventh position, which was occupied by Chainlink , is now Binance’s stablecoin, BUSD. But as an inflow of capital into the stablecoin is expected in a falling market, another factor has been drawing attention.Recently, the top stablecoins by market capitalization rival each other by transfer volume.
This evidence would be vital to making sure that the stablecoin issuer, Tether, actually had the corresponding amount of cash on hand for the USDTs that were issued. Despite insistence, this audit did not taking place at all, a situation that USDC did not have to face. Another factor that significantly swayed confidence regarding USDT was Tether not making public its association with crypto exchange Bitfinex. This would not have been a problem for investors at the time had the information not been kept secret and only revealed with the Paradise Papers exposure.
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