Terra (Luna) in the ecosystem TOP With the collapse of the token USDT and USDC The stability of stablecoins, such as such, has been among the most questioned issues in the cryptocurrency industry.
However, a large number of different stablecoins have stepped in to bridge the gap of UST. According to the latest report shared, USD Coin (USDC) seems to be leading this race.
USDC’s Growth Rate Accelerates
According to a report by Arcane, the stablecoin bubble has been growing for a long time already. In the report, it was mentioned that this growth was running smoothly in the first four months of 2022, but started to struggle with problems as the market trend reversed.
The report stated that USDC could surpass USDT based on current growth rates. Cryptocurrency USDT showed a growth rate of approximately 70.4%, while the growth rate of USDT decreased by 28.7%. If it goes at the same rate, the USD coin could take away Tether’s position as the largest stablecoin on October 10, 2022.
According to the data, USDC currently has a market cap of around $54.8 billion. This value has decreased by 1.6% in the last 30 days. USDT, on the other hand, has a market capitalization of over $65.6 billion. In the same period, USDT decreased by 1.5%.
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Has USDT Entered a Decline Period?
Arcane reports that Tether (USDT) is the largest stablecoin in the market and is using the first mover advantage to the fullest. However, in the cryptocurrency rally in November 2021, USDT melted a significant portion of its market value. This decline continued in 2022 and the market value of USDT fell from $78 billion to $66.3 billion.
On the other hand, USDC seems to be more compliant with regulatory rules. The market cap of the world’s second-largest stablecoin rose from $42.2 billion to $55 billion in 2022.
*Not investment advice.