{"id":300533,"date":"2023-03-27T05:00:48","date_gmt":"2023-03-26T23:30:48","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=300533"},"modified":"2023-03-26T17:50:52","modified_gmt":"2023-03-26T12:20:52","slug":"usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/","title":{"rendered":"USDC woes far from over as market cap draws down- Is USDT leading"},"content":{"rendered":"<ul>\n<li><em>U<span style=\"color: #000000;\">SDC\u2019s loss becomes USDT\u2019s gains after market events in March.<\/span><\/em><\/li>\n<li><span style=\"color: #000000;\"><em>The tides are calm for now but there might still be more stablecoin risk ahead.<\/em><\/span><\/li>\n<\/ul>\n<p>Roughly two weeks have passed since USDC lost its <a href=\"http:\/\/ambcrypto.com\/the-dai-is-cast-makerdao-votes-to-keep-usdc-as-primary-reserve\/\" target=\"_blank\" rel=\"noopener\">USD peg<\/a> due to SBV turmoil. A sizable reshuffling has occurred since then as many crypto users shifted their attention from USDC to other <a href=\"http:\/\/ambcrypto.com\/where-usdt-usdc-busd-stand-as-stablecoin-race-accelerates\/\" target=\"_blank\" rel=\"noopener\">stablecoins<\/a>.<\/p>\n<p>The impact on <a href=\"http:\/\/ambcrypto.com\/usdc-issuer-circle-offered-3-billion-emergency-backstop-from-coinbase\/\" target=\"_blank\" rel=\"noopener\">Circle\u2019s<\/a> USDC is particularly evident in its exchange deposits and withdrawals. The latest glassnode data reveals that exchange deposits are currently less than half the amount of exchange withdrawals.<\/p>\n<figure id=\"attachment_300539\" aria-describedby=\"caption-attachment-300539\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-exchange-withdrawals-usdc-exchange-deposits.png\"><img decoding=\"async\" class=\"wp-image-300539 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-exchange-withdrawals-usdc-exchange-deposits.png\" alt=\"USDC exchange deposits and withdrawals\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-exchange-withdrawals-usdc-exchange-deposits.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-exchange-withdrawals-usdc-exchange-deposits-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-exchange-withdrawals-usdc-exchange-deposits-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-exchange-withdrawals-usdc-exchange-deposits-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-exchange-withdrawals-usdc-exchange-deposits-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-300539\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>The lower exchange deposits reflect the disrupted confidence in the cryptocurrency, as a result of user migration to alternative stablecoins.<\/p>\n<p>On the other hand, USDT flows have been more pronounced. A look at USDT flows in the last two weeks reveals that USDT exchange deposits peaked on 17 March, a few days after USDC lost its peg. This shows the robust flow of liquidity from USDC to USDT.<\/p>\n<figure id=\"attachment_300538\" aria-describedby=\"caption-attachment-300538\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdt-exchange-deposits-usdt-exchange-withdrawals.png\"><img decoding=\"async\" class=\"wp-image-300538 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdt-exchange-deposits-usdt-exchange-withdrawals.png\" alt=\"USDT exchange deposits and withdrawals\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdt-exchange-deposits-usdt-exchange-withdrawals.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdt-exchange-deposits-usdt-exchange-withdrawals-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdt-exchange-deposits-usdt-exchange-withdrawals-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdt-exchange-deposits-usdt-exchange-withdrawals-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdt-exchange-deposits-usdt-exchange-withdrawals-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-300538\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>USDT also experienced a slowdown in exchange outflows and inflows as the flow of liquidity entered Bitcoin and altcoins. The difference between USDT and USDC demand was further evident in the market cap directions of both stablecoins.<\/p>\n<p>For perspective, USDC\u2019s market cap fell by $9.96 billion from its March peak to its current low. Meanwhile, USDT\u2019s market cap grew by almost $9 billion from its 4-week low to its current high.<\/p>\n<figure id=\"attachment_300536\" aria-describedby=\"caption-attachment-300536\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-market-cap-usdt-market-cap.png\"><img decoding=\"async\" class=\"wp-image-300536 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-market-cap-usdt-market-cap.png\" alt=\"USDT and USDC marketcap\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-market-cap-usdt-market-cap.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-market-cap-usdt-market-cap-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-market-cap-usdt-market-cap-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-market-cap-usdt-market-cap-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_usdc-market-cap-usdt-market-cap-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-300536\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>USDC is not the only stablecoin that has been negatively affected by the market events in March. A glassnode tweet from 26 March showed that the number of <a href=\"http:\/\/ambcrypto.com\/binance-converts-its-busd-in-safu-funds-to-other-stablecoins\/\">BUSD<\/a> transfers is currently at an eight-month low. Meanwhile, its liquidity on Uniswap fell to a four-month low.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/search?q=%24BUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BUSD<\/a> Liquidity on Uniswap just reached a 4-month low of $28,725.78<\/p>\n<p>Previous 4-month low of $28,869.32 was observed on 20 March 2023<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/aTcUpCu12y\">https:\/\/t.co\/aTcUpCu12y<\/a> <a href=\"https:\/\/t.co\/zTdj2XW3ev\">pic.twitter.com\/zTdj2XW3ev<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1639813390708121602?ref_src=twsrc%5Etfw\">March 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><strong>Is the stablecoin risk over? <\/strong><\/h3>\n<p>If there is one major takeaway from the crypto market in the last few months, it is to expect the unexpected. This means there might be some risks further down the road that may impact stablecoins.<\/p>\n<p>Some of those risks may come from governments aggressively pushing against cryptocurrencies, as has been the case recently.<\/p>\n<p>USDT is now the most popular stablecoin by a large margin thanks to the SVB issue. However, this also means it might be the next big target for future attacks. Meanwhile, USDC recovered its peg but some damage has already been done.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>USDC\u2019s loss becomes USDT\u2019s gains after market events in March. The tides are calm for now but there might still be more stablecoin risk ahead. Roughly two weeks have passed since USDC lost its USD peg due to SBV turmoil. A sizable reshuffling has occurred since then as many crypto users shifted their attention from<a href=\"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/\">Continue reading <span class=\"sr-only\">&#8220;USDC woes far from over as market cap draws down- Is USDT leading&#8221;<\/span><\/a><\/p>\n","protected":false},"author":63,"featured_media":300547,"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-300533","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>USDC woes far from over as market cap draws down- Is USDT leading - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Roughly two weeks have passed since USDC lost its USD peg due to SBV turmoil.\u00a0 A recap of how things have changed since then is necessary...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USDC woes far from over as market cap draws down- Is USDT leading - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"USDC\u2019s loss becomes USDT\u2019s gains after market events in March. The tides are calm for now but there might still be more stablecoin risk ahead. 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The tides are calm for now but there might still be more stablecoin risk ahead. Roughly two","og_url":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/","og_site_name":"AMBCrypto","article_publisher":"https:\/\/www.facebook.com\/cryptoamb","article_published_time":"2023-03-26T23:30:48+00:00","og_image":[{"width":1201,"height":800,"url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AMBCrypto_An_image_of_a_stylized_cryptocurrency_coin_held_on_a__d680940f-a60f-4633-beb1-80c842b054ef.jpg","type":"image\/jpeg"}],"author":"Michael Nderitu","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/nderitu_michael","twitter_site":"@CryptoAmb","twitter_misc":{"Written by":"Michael Nderitu","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/#article","isPartOf":{"@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/"},"author":{"name":"Michael Nderitu","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/0f3e9d96bec7b08bb0f729fb02d5fcbf"},"headline":"USDC woes far from over as market cap draws down- Is USDT leading","datePublished":"2023-03-26T23:30:48+00:00","mainEntityOfPage":{"@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/"},"wordCount":425,"commentCount":0,"publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"image":{"@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/#primaryimage"},"thumbnailUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AMBCrypto_An_image_of_a_stylized_cryptocurrency_coin_held_on_a__d680940f-a60f-4633-beb1-80c842b054ef.jpg","articleSection":["Altcoin","News","News 1","Social","Trading View"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/#respond"]}],"copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/ambcrypto.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/","url":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/","name":"USDC woes far from over as market cap draws down- Is USDT leading - AMBCrypto","isPartOf":{"@id":"https:\/\/ambcrypto.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/#primaryimage"},"image":{"@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/#primaryimage"},"thumbnailUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AMBCrypto_An_image_of_a_stylized_cryptocurrency_coin_held_on_a__d680940f-a60f-4633-beb1-80c842b054ef.jpg","datePublished":"2023-03-26T23:30:48+00:00","description":"Roughly two weeks have passed since USDC lost its USD peg due to SBV turmoil.\u00a0 A recap of how things have changed since then is necessary...","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/usdc-woes-far-from-over-as-market-cap-draws-down-is-usdt-leading\/#primaryimage","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AMBCrypto_An_image_of_a_stylized_cryptocurrency_coin_held_on_a__d680940f-a60f-4633-beb1-80c842b054ef.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/AMBCrypto_An_image_of_a_stylized_cryptocurrency_coin_held_on_a__d680940f-a60f-4633-beb1-80c842b054ef.jpg","width":1201,"height":800,"caption":"USDC woes far from over as market cap draws down- Is USDT leading"},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/0f3e9d96bec7b08bb0f729fb02d5fcbf","name":"Michael Nderitu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/03\/IMG_20220322_164603_71-150x150.jpg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/03\/IMG_20220322_164603_71-150x150.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/03\/IMG_20220322_164603_71-150x150.jpg","caption":"Michael Nderitu"},"description":"Michael is a full-time journalist at AMBCrypto. 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