TerraUSD’s collapse may have traumatized many investors, but the stablecoin market is on the rise.
As per the latest data compiled by crypto analytic platform, IntoTheBlock, USDC stablecoin recorded its second-highest volume ever.that with Bitcoin and Ethereum going down below $21k and $1,100, the total volume transacted on-chain on USDC reached $38.72 billion. Interestingly, this isn’t the first time that USDC has sailed through smoothly in the time of a market downturn.close the gap
to the top centralized stablecoin, Tether’s USDT. This was the time when extreme fear gripped the market, and investors ditched USDT for USDC, which went on to become the stablecoin of choice on the Ethereum blockchain. In fact, USDC has been gaining market share since the once-$18 billion UST stablecoin went on a death spiral, and USDT’s price wobbled.Currently, it is the second-largest stablecoin with a $54.23 billion market cap, right after Tether, which stands at a market value of $70.77 billion, according to CoinMarketCap.
Bad sign to me.
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