This Stablecoin Outperforms Tether (USDT) in Transfer Volume!

stablecoins, cryptocurrency are assets considered as shelters in a bear market. Investors need to protect their capital when bears dominate.

Many believe that the best way to do this is with tokens designed to stay as close to $1 as possible. Tether is one of the most well-known stablecoins.

USDC Passes Tether’s (USDT) Transfer Volume

During the crypto winter of 2022, three stablecoins appeared among the top 10 blockchain assets by market cap. Although USDT has been among the top three assets for some time, it was the only stablecoin in the top 10 in January 2021.

However, XRP fifth row occupied by Circlestablecoin of USDCbelonging to Chainlink (LINK) The seventh position occupied by Binance is now a stablecoin. BUSD.

However, as stablecoin capital inflows are expected in a declining market, another factor stands out. USDC, USDTIt performs better than .

Recently, the best stablecoins by market cap have been competing with each other by transfer volume. Although USDT is the top stablecoin in terms of both market cap and trading volume, it loses to Circle’s stablecoin for transfers.

According to Glassnode data, the total transfer volume of USDC almost five times exceeded that of USDT between October 8, 2022 and January 10, 2023. Shortly after the collapse of FTX, there was a significant increase in transactions for the new stablecoin.

Some investors believe that USDC is safer than USDT in the crypto market. Several factors related to the two stablecoins in the blockchain industry contribute to this.

First of all, USDT has a very complex history. In the early years of the stable existence, it could not maintain its stability with the dollar and even attracted those who wanted to arbitrage.

*Not investment advice.