This Is How Circle’s USDC Will Outcast Tether’s USDT
In the last 24 hrs the star cryptocurrency, Bitcoin has plunged from its crucial support level of $23K. Also it happens to be the second day that Bitcoin is flashing negative marking. However, the global crypto market cap is still holding on to its $1 trillion mark, but a few figures away from dropping below the mark.
At the time of writing, Bitcoin is selling at $22,725 after a fall of 1.61% over the last 24hrs.
Meanwhile, a renowned crypto analyst and host at Coin Bureau channel, Guy Turner is hoping for one of the US dollar-pegged stablecoin to lead the crypto market. The analyst informs his 2.2 million subscribers that Circle’s USD Coin (USDC) which is the second largest stablecoin will soon overshadow Tether’s USDT.
USDC To Overshine USDT
As per Guy Turner, the USDC’s supply has spiked massively in the last few years. This is one of the reasons for him to consider USDC to become predominant stablecoin in the next two years.
However, the analyst portrays concern in connection with Circle’s USDC as it is backed by Goldman and partnered with BlackRock. Turner then talks about USDC’s willingness to censor transactions if asked. On the contrary, he believes that the stablecoin portrays a healthy competition that boosts for better products. Further he views this as an opportunity where people can diversify their stablecoin holdings.
Hence, the strategist asserts that this is the reason why he believes Tether will emerge as one of the fully audited stablecoin and will address the funds completely. However, until this happens, Guy Turner is confident that Circle’s USDC will continue to portray its massive growth.
The Battle For Stablecoin Dominance: USDC Dethrones USDT!
The two largest stablecoins by market capitalization, Tether’s USDT and Circle’s USDC, continue to compete for dominance in the market. As of recently, USDC has dethroned USDT in terms of transfer volume, according to an on-chain statistical study conducted by Glassnode.
Specifically, USDC transfer volume has averaged above 15 billion for the past three months, whereas USDT transfer volume has averaged below 5 billion during the same period. Notably, Tether’s USDT has lost one of its major customers, FTX and Alameda, which has contributed to a decrease in its transfer volume.
Despite this, Tether’s USDT has maintained its position as the top stablecoin in terms of market capitalization and daily trading volume.
According to market data provided by Binance-backed Coinmarketcap, USDT has a market capitalization of approximately $66,280,561,302 and a 24-hour trading volume of about $23,449,553,551. Additionally, according to on-chain data provided by etherscan.io, USDT has a total of 3,968,318 holders who have made 171,639,755 transfers.
On the other hand, Circle’s USDC has a maximum total supply of 40,745,274,208.26955 and a 24-hour trading volume of around $2,714,241,204. Additionally, according to on-chain data, USDC has a total of 1,578,797 holders who have made 57,695,025 transfers.
Among the largest holders of USDC include Maker, Binance, crypto.com, and the Polygon network, among others.
The divergence of Tether USDT and Circle’s USDC in transfer volume significantly increased after the Bitcoin price and crypto market began the 2022 bear market. This indicates that problems within FTX may have begun way earlier than the day SBF rang the alarms.
What Are The Institutional Investors Choosing?
The stablecoin market has gained significant popularity in recent years due to the high volatility of cryptocurrencies such as Bitcoin and Ethereum. Retail traders have been using stablecoins as a hedge against volatility, allowing them to take profits during bullish markets or protect their assets during bearish markets. However, mainstream adoption of cryptocurrency requires a highly transparent and audited stablecoin market to avoid instances such as those with Terra and Luna, and UST.
Circle’s USDC has gained favor among institutional investors, including BlackRock and BNY Mellon, due to its high level of transparency. For example, every month, Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms, provides third-party assurance of the size of the USDC reserve.
In contrast, Tether’s USDT has struggled with providing reserve data over the years. Furthermore, Tether was fined over $40 million by the U.S. Commodity Futures Trading Commission (CFTC) for making misleading statements regarding its reserve data. This highlights the importance of transparency and trust in stablecoin markets, and the advantage of USDC as compared to its competitors.
Controversy Brewing? Coinbase Urges Users To Switch To USDC from USDT!
Recently, there has been a significant amount of worry over the credibility of Tether (USDT). In a most recent turn of events, controversy seems to be brewing in the industry as a result of Coinbase publishing a blog post that criticizes USDT and urges users and investors to migrate to its competitor, USD Coin (USDC).
During times of market volatility, users are provided with security and trust by fiat-backed stablecoins, which are cryptocurrencies that are tied to reserve assets such as the United States dollar. However, the events that have occurred over the last few weeks have put certain stablecoins to the test, and according to Coinbase, there has been a flight to safety.
What is Coinbase’s Newest blog about?
As part of a new marketing initiative that places greater emphasis on the caliber of the reserves that support the Circle-owned token, the largest crypto exchange in the U.S. is doing away with the need that customers to pay a conversion fee in order to switch to the trustworthy and more secure stablecoin, as stated in its latest blog post.
https://twitter.com/coinbase/status/1600997059770736641
“We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today we’re waiving fees for global retail customers to convert USDT to USDC.”– Coinbase
The United States exchange has said that it was a co-founder of USDC in 2018, with the intention of bringing about a more accessible and decentralized monetary system throughout the globe.
The USDC is a one-of-a-kind currency because it is fully backed by cash and short-term U.S. treasuries that are held in financial institutions that are regulated by the country, says Coinbase. It may always be exchanged for one dollar in U.S. currency at the rate of 1:1.
Customers are demanding more openness, which USDC satisfies via the monthly attestations provided by Grant Thornton LLP, which is one of the leading audit, tax, and consulting companies in the United States. Additionally, Coinbase provides its qualifying clients with the opportunity to earn up to 1.5% annual percentage yield (APY) on their USDC holdings.
It would seem that exchanges are taking sides in the battle for the position of most dominant stablecoin. Coinbase is following in the footsteps of Binance, which in September released a function that automatically converts USDC to BUSD in order to support its own stablecoin. Coinbase is doing the same thing. Since that time, the percentage of the stablecoin market that is held in BUSD has increased substantially.
How This Could Affect Tether?
Coinbase’s advocacy for a switch from USDT to USDC could affect Tether, who according to its most recent quarterly report, has 82% of its reserves stored in cash, cash equivalents, and other short-term deposits as of September 30.
On-chain indicates that Tether’s USDT is the third most actively traded digital currency on Coinbase, making up around 5% of the overall volume. The Stablecoins issuer has not yet published a thorough audit of its reserves but maintains that the reserves are properly supported despite this.
When Tether reduced its $24 billion in commercial paper holdings, the company claimed to have lost no money. The majority of the stablecoin issuer’s reserves are currently held in U.S. Treasury bills.
A court in New York, United States, demanded financial documents related to the backing of USDT from Tether in late September. The lawsuit seeking the New York Attorney General to disclose the evidence it obtained during its investigation of Tether’s reserves is distinct.
Although USDC has grown in popularity, USDT is still the biggest stablecoin by market cap and has more than $23 billion in market cap than USDC.
Conclusion
USD Coin (USDC) and Tether (USDT), both pegged to the US dollar, have become the most popular stablecoins, dominating the market and being supported by the vast majority of cryptocurrency infrastructure.
Those who are concerned with privacy should use USDC, while those seeking liquidity and who want to invest in a cryptocurrency with bigger trading volumes should use USDT.
Given its prominence and influence in the crypto industry, Coinbase has a good chance of winning its fight for a switch. Coinbase is expected to have the same kind of success as Binance had when it promoted its stablecoin, BUSD.
Oryen Network Pushes +200% Due To Huge Buys With USDT And USDC
Stablecons like Tether and USD Coin are integral to the crypto world. By being tied to regular fiat currencies like the dollar, they give holders true stability and a price they can always understand. So when major holders of extremely stable currencies like USDC start moving their funds into other projects, people take notice. That’s what’s been happening recently with Oryen Network: and it’s already up 200% as a result.
But if you missed your chance to enjoy these gains: there’s still time left to enjoy more. ORY hasn’t even officially launched yet, and many experts think it’s set to be one of the break-out stars of the crypto world over the next few months when it does. By investing now, you could enjoy even bigger gains when it hits mainstream marketplaces and continues to capture the public’s imagination.
Oryen Network (ORY) thriving thanks to major influx of investments
Oryen’s performance during pre-sale is even more impressive when looking at the wider crypto market’s recent issues. If you’ve got other investments in the industry, you’ll probably have seen how much your portfolio has been struggling recently. Most people are experiencing the same issues: but those invested in ORY are bucking the bear market trend. They’ve already seen gains at a time when almost every other crypto is plummeting. And they’re expecting even more gains now major holders of USDT and USDC are all-in on the project. With the biggest passive income yield ever at 90% and the easiest staking model ever seen in crypto, these price movements will be supported by a truly sustainable system that pays out generously over time. So if you want price gains and passive yields along the way, join stablecoin investors by putting your faith into ORY.
USD Coin (USDC) leads the way for digital fiat options
In a crypto world where many other investments are open to vast amounts of volatility and price dumps on a day-to-day basis, stablecoins have become a crucial part of the ecosystem. They provide a price that’s tied to a true value like the dollar and can be used easily for purchases and transactions in a currency everyone can always understand the value of. USDC continues to lead the way as one of the most prominent stablecoin options and should always be part of a diversified portfolio alongside more speculative investments as a hedge against volatility.
Tether (USDT) remains stable despite market turmoil
Tether had taken a bit of flak a few months back. Many questioned its ability to remain on a 1:1 dollar peg, especially in volatile times. But despite recent turmoil, USDT has surprised some onlookers by continuing to offer true stability for investors. It’s one of the best stablecoin options out there and is an integral part of the crypto ecosystem. But alongside their USDT holdings, some savvy investors are moving funds into projects like ORY. Now could be the time to follow their lead and gear your portfolio up for long-term success.
Conclusion
While any good portfolio should have stablecoin stability with the likes of USDT and USDC, it should also have investments that could rocket into the stratosphere. And the best option if you’re looking for those kind of gains is ORY, which is primed for the big time in the crypto world and could soon surpass almost every other altcoin. Now’s the perfect time to invest before it finishes pre-sale.
Find Out More Here:
Join Presale: https://presale.oryennetwork.io/register
Website: https://oryennetwork.io/
Telegram: https://t.me/OryenNetwork
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Stablecoins Like USDT and USDC Moving out of Gemini & Other Major Exchanges! What’s Next?
The impact of the FTX collapse has been spreading significantly over the other platforms as more number of them are restricting users’ activity, failing to carry out their business as usual. While some of the platforms who denied earlier have admitted to their platform’s exposure to the FTX crisis.
Therefore, many such platforms are soon expected to open up about their financial stands and exposure to FTX.
In a recent update, the world’s largest exchange Gemini owned by the Winklevoss brothers appear to b in deep trouble as they halt user withdrawal. Meanwhile, they deny being exposed to the Genesis crisis but halting user withdrawals says it all. Hence the larger institutions and maybe whales are pulling out of the exchange.
As per the report, the Gemini staking service may soon shut down and this has compelled the users to quit the platform. The platform witnessed the largest withdrawal movement ever as stablecoins worth more than $300 million exited from the Gemini reserve.
On the other hand, the major stablecoins are also moving out of the exchanges. As per a popular on-chain analytical platform, Santiment, a huge drop in USDT, USDC & BUSD holdings in the reserves of the exchanges has been recorded following the FTX collapse.
With the recent FTX fallout, more money is flowing out of the crypto space. It is quite evident that the large institutions or even the whales may have transferred their holdings from the exchanges and moved them to self-custody. This is believed to have a larger impact on the crypto space as stablecoins are believed to be the highest-traded entity on daily basis.
Massive USDC Transfer to Coinbase May Trigger a Significant Wave Within the CryptoMarkets Soon!
The crypto space attempted to rise high after a brief consolidation, but FOMC fear appears to have reinstalled strength within the bears. The global market capitalization has not changed significantly; it is still circling around $922 billion. The levels are anticipated to fall sharply in the near future, giving market participants the chance to stock up at reduced prices.
A couple of sizable transfers caused a lot of noise, suggesting that the whales may be getting ready for the potential price drop. As per a new update, more than 268.3 million USDC was transferred from an unknown wallet to the Coinbase Exchange.
The markets are slowly turning green as Bitcoin prices are trying hard to rise beyond $19,200 and maintain a firm upswing. However, some market participants now believe the asset may witness a short-term bounce beyond $19,500 that may further fuel a price surge beyond crucial resistance at $20,800. Moreover, some analysts believe the prices may even rise as high as $21,000 too.
However, these transfers are assumed to induce significant volatility within the crypto space that may uplift the BTC price beyond the crucial resistance. Meanwhile, the bounce is also expected to be a minor one that may trap the bears above $20,000 yet again.
Therefore, as the year 2022 began with a bearish influence, a similar end may be expected for the Bitcoin(BTC) price.
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Uniglo (GLO) Early Investors See Superb 35%+ Gains By Buying Using Tether (USDT) And Binance USDC (BUSD)
Amongst choppy market conditions and an uncertain macroeconomic environment, a new Ethereum-based token, Uniglo (GLO), is rapidly rising to prominence. This new social currency promises an improved store of value and has already risen by 35% in the last month. Part of its success comes from the wide array of digital assets accepted for the ICO (Initial Coin Offering).
Investors are using their Tether (USDT) and Binance USD (BUSD) to participate. This protocol offers a brilliant way for investors to diversify their portfolios. And position themselves to take full advantage of the incoming violent market reversal.
Uniglo (GLO)
Uniglo’s remarkable performance comes following its smart contract audit from DeFi security specialists Paladin. The audit rallied early investors, and with so much stablecoin in the market currently, it provides an excellent outlet for investors to put their assets to productive use.
Uniglo introduces a value-backed token GLO in reaction to the decline of fiat’s value and the volatility present in the crypto markets. GLO represents a diversified portfolio by holding a unique blend of physical and digital assets, despite being a single token. Interestingly the Uniglo Vault will keep high-end luxury items, the type typically out of the ordinary investors’ reach, such as real estate, fine art, and gold. All of these have proved superb stores of value. Fine art specifically is a great hedge against market downturn because it is typically unaffected by how markets behave.
Tether (USDT)
Tether was launched in 2014 and remains the largest stablecoin by market cap. With a total market cap of over $67 billion, USDT tracks the price of the US dollar, and Tether holds sufficient reserves to back every single USDT. Tether can be redeemed for dollars or minted with dollars.
It holds a blend of cash, commercial paper, and treasury bills to guarantee each USDT. For a long time, there have been negative rumours swirling around Tether and the validity of its reserves. But Tether has proven itself in the bear market with the Luna Crash, which saw a run on USDT and other stablecoins; with billions of dollars redeemed, USDT managed to maintain its peg. And thus prove its ability as a trustworthy stablecoin.
Binance USD (BUSD)
BUSD is the stablecoin of the centralised exchange Binance and soon be the only stablecoin that will be utilised on the platform, with the exchange converting investors’ stablecoin funds into BUSD. This will enhance liquidity and allow more efficient stablecoin trading across the platform.
With a market cap of over $20 billion, BUSD is the third largest stablecoin and one that is approved and regulated by the New York State and releases a monthly audit of its reserves. Widely considered one of the safest options to store digital dollars.
Find Out More Here
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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