Tether's USDT Under Heat As Investors Continue Shunning Away Toward Circle's USDC
Evening
Last few weeks have been pretty rough for cryptos in general and stable coins especially. We saw collapse of Terra along with its stable coin UST. Many other stable coins are also struggling to maintain peg e.g. USDD and MIM.
Tether is yet another affectee in all of this mess. Top stable coin is under the heat lately, as it continue loosing market cap. Tether market cap have fallen down from all time high of $83.21 Billion to $66.91 Billion, lowest over a period of one year.
On the other hand Tether's main competitor USDC has been catching up with its market cap increasing steadily. USDC market cap is currently at $56 Billion, just $11 Billon shy of flipping USDT.
But USDT has already flipped USDT in terms of daily real volumes, as per data by Messari. Real volumes data compiled by Messari only includes exchanges that are believed to be involved in legitimate trading practices. USDC real volumes are nearly double than USDT real volumes on Ethereum network.
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USDT is still leading the market in terms of total trading volumes. But total trading volumes is an imperfect matric as it includes wash trading by several exchanges to show inflated trading volumes. So, real volumes might be a more realistic matric to rely upon.
Terr's collapse along with the fall of crypto lending platform Celsius have left investors in fear and they are pulling out money out of Tether and opting for USDT.
Tether on the other hand is trying hard to regain investor's confidence. It has already announced moving away from long term commercial papers backing the USDT. Tether chief technology officer Paolo Ardoino announced on July 15, that the company is going to have a proper audit from 12 top auditing firms.
In past, Tether had never been so much forth coming regarding audits. But as the heat his turned on by investors shunning away the company is now going for audits. I think they would do anything to regain investor's confidence.
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I was wondering why the price of USDT was skyrocketing in the black market. Now, I understand it's because investors are moving into it after all of the collapse we have witnessed in the Crypto verse.
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Binance has also suspended TRX withdrawals, they call it due to a maintenance, but it might be something more than that!
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We need a new term for Stable Coins. They are having a tough time.
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Noted the fall in marketcap but they are still expanding regardless in different territory to create more awareness. It's all in the hands of investors to choose where their confidence lies.
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Yup expanding to launch sterling backed stable coin.
Oh wow, hopefully we don't see a depeg.
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