- USDT has grown its market share by 20% while USDC slid by 13% post-Terra (LUNA).
- USDC’s losses were due to investor mistrust following Circle’s exposure to Silicon Valley Bank.
- Meanwhile, USDT purchased $1.5 billion worth of bitcoins from its US treasury interest.
One year after the infamous Terra (LUNA) crash, the stablecoin market appears to be gravitating further toward Tether USD (USDT). In fact, according to Glassnode, USDT’s market dominance has grown by a sizeable margin — a staggering 65.9%.
Read CRYPTONEWSLAND on
google news
As shown in the chart below, this translates to an additional growth of 20%. Meanwhile, Circle USD (USDC) is one of the biggest losers — apart from Terra USD (UST) — with a 13% market loss.
USDC’s losses were due to Circle’s exposure to American bank failures from the first quarter of this year.
Specifically, as many can recall, Silicon Valley Bank (SVB) suffered a tragic bank run that drove the US banking sector into deep chaos. In fact, the entire banking industry is still reeling from the impact of consecutive bank runs of Credit Suisse, Silvergate Bank, First Republic Bank, among others.
Circle had bank exposure with SVB, and the FUD following the bank’s collapse shook user confidence in USDC. From $43.5 billion market share in March, USDC has fallen to $30 billion today.
On the other hand, from $72 billion in March, USDT has grown its market cap to almost $83 in barely two months. Some of Tether’s interest from US treasury investments have been converted into bitcoins.
As explained in the tweet above, Tether has purchased $1.5 billion worth of bitcoins from excess reserves due to profitable US investments.
In other news, Terraform Labs’ notorious former chief Do Kwon has been granted bail by Montenegro.Â
Read Also :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
