{"id":235929,"date":"2022-05-21T08:00:56","date_gmt":"2022-05-21T02:30:56","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=235929"},"modified":"2022-05-21T21:39:05","modified_gmt":"2022-05-21T16:09:05","slug":"why-usd-coin-usdc-may-not-yet-be-ready-to-overtake-tether-usdt","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-usd-coin-usdc-may-not-yet-be-ready-to-overtake-tether-usdt\/","title":{"rendered":"Why USD Coin [USDC] may not yet be ready to overtake Tether [USDT]"},"content":{"rendered":"<p>Tether [USDT] must surely feel USD Coin [USDC] breathing down its neck in terms of market cap ranking as investors look at the wreckage of TerraUSD [UST] and re-assess their stablecoin preferences. To that end, two metric-based milestones go a long way in telling us about the demand for USDC &#8211; and its potential future.<\/p>\n<h3>The horse has left the stable<\/h3>\n<p>Glassnode reported that USDC liquidity on Uniswap has been hitting lows last seen around 16 months ago. Why is this significant? Well, falling liquidity on Uniswap is a sign of high demand and could indicate that users are gravitating towards stablecoin.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> Liquidity on Uniswap just reached a 16-month low of $199,797,454.26<\/p>\n<p>Previous 16-month low of $201,664,641.14 was observed on 12 May 2022<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/dYndhpGfMH\">https:\/\/t.co\/dYndhpGfMH<\/a> <a href=\"https:\/\/t.co\/oE8ZRQiEhT\">pic.twitter.com\/oE8ZRQiEhT<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1527473060311334913?ref_src=twsrc%5Etfw\">May 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the other hand, it&#8217;s important to look at all the evidence. Santiment data showed that USDC supply on exchanges has been rising since about 17 May, even after USDC&#8217;s price came back to normal levels once more.<\/p>\n<figure id=\"attachment_235935\" aria-describedby=\"caption-attachment-235935\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022.png\"><img decoding=\"async\" class=\"wp-image-235935 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022.png 3840w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.52.39-20-May-2022-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-235935\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/app.santiment.net\" target=\"_blank\" rel=\"noopener\">Santiment<\/a><\/figcaption><\/figure>\n<p>To compare, UST supply held on exchanges has plunged since UST&#8217;s de-pegging. But while you might assume that the numbers are now close to all-time highs, the truth is that UST supply has only risen to levels last recorded towards the end of April.<\/p>\n<figure id=\"attachment_235939\" aria-describedby=\"caption-attachment-235939\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022.png\"><img decoding=\"async\" class=\"wp-image-235939 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022.png 3840w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/TerraUSD-UST-18.13.25-20-May-2022-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-235939\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/app.santiment.net\" target=\"_blank\" rel=\"noopener\">Santiment<\/a><\/figcaption><\/figure>\n<h3>Awake or not, here I come!<\/h3>\n<p>At press time, USDC velocity was falling, suggesting that fewer USDC stablecoins were moving between addresses. However, this doesn&#8217;t mean that nothing is changing for investors.<\/p>\n<figure id=\"attachment_235937\" aria-describedby=\"caption-attachment-235937\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022.png\"><img decoding=\"async\" class=\"wp-image-235937 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022.png 3840w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/USD-Coin-USDC-17.54.57-20-May-2022-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-235937\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/app.santiment.net\" target=\"_blank\" rel=\"noopener\">Santiment<\/a><\/figcaption><\/figure>\n<p>In fact, is more USDC leaking out of the whales&#8217; grip and flowing to more everyday investors? Glassnode data showed that the top 1% of addresses were only holding about 91.226% of the USDC supply. While this may still seem like a lot, it is in reality a 13-month low.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> Percent Supply Held by Top 1% Addresses just reached a 13-month low of 91.226%<\/p>\n<p>Previous 13-month low of 91.239% was observed on 12 May 2022<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/EU57HUtLdu\">https:\/\/t.co\/EU57HUtLdu<\/a> <a href=\"https:\/\/t.co\/L3t1zVBDSO\">pic.twitter.com\/L3t1zVBDSO<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1527473047111880704?ref_src=twsrc%5Etfw\">May 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A report by Glassnode on 16 May also took note of USDC&#8217;s rising role in the crypto ecosystem, <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-20-2022\/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=woc_2022_20\" target=\"_blank\" rel=\"noopener\">stating<\/a>,<\/p>\n<blockquote><p>&#8220;USDC reversed the trend of supply contraction that has been in place since late Feb, expanding by $2.639B.&#8221;<\/p><\/blockquote>\n<p>It <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-20-2022\/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=woc_2022_20\" target=\"_blank\" rel=\"noopener\">added<\/a>,<\/p>\n<blockquote><p>&#8220;Given the dominant growth of USDC over the last two years, this may be an indicator of changing market preference away from USDT and towards USDC as the preferred stablecoin.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Tether [USDT] must surely feel USD Coin [USDC] breathing down its neck in terms of market cap ranking as investors look at the wreckage of TerraUSD [UST] and re-assess their stablecoin preferences. To that end, two metric-based milestones go a long way in telling us about the demand for USDC &#8211; and its potential future.<a href=\"https:\/\/ambcrypto.com\/why-usd-coin-usdc-may-not-yet-be-ready-to-overtake-tether-usdt\/\">Continue reading <span class=\"sr-only\">&#8220;Why USD Coin [USDC] may not yet be ready to overtake Tether [USDT]&#8221;<\/span><\/a><\/p>\n","protected":false},"author":48,"featured_media":235949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-235929","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why USD Coin [USDC] may not yet be ready to overtake Tether [USDT] - 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