Tether (USDT) has reached the highest market dominance of the last 22 months, outpacing all stablecoins.
Things are getting worse on the USD Coin (USDC) front as USDT continues to strengthen its market dominance, according to current data.
In the bankrupt US-based Silicon Valley Bank (SVB) 3.3 billion dollars negative flow spiral USDT into which remaining USDC fell Highest stablecoin dominance since May 2021 made it available. USDT’s market share, currently in circulation 60% of all stablecoins represents.
Net asset outflow in USDC specific since SVB events 10 billion dollars exceeded. With the increase in asset outflows 43 billion dollars USDC market cap 23% depreciated.
On the other hand, according to the on-chain data platform DefiLlama, a significant part of the outflows from USDC shifted to the USDT side. Market cap of USDT since March 10 $8 billion increase showed.
According to CoinGecko data, USDT $79 billion USDC’s market cap 33 billion dollars It is seen that it is positioned in the 5th place of the market with its market volume. Despite all the developments, USDC continues to trade as the second largest stablecoin in the market.