USDC Surges in Popularity: Transfer Volume Now 4 to 5 Times Higher Than USDT

• Demand for USDC Stablecoin has skyrocketed following the collapse of FTX.
• USDC’s daily transfer volume is now four to five times higher than that of Tether USDT.
• USDC’s total transfer volume is $7 trillion more than USDT’s.

The crypto world has been abuzz lately over the sudden surge of interest in the USDC stablecoin. Issued by financial services giant Circle, USDC is now the preferred choice among crypto users, with its daily transfer volume four to five times higher than that of major competitor Tether USDT. This comes in spite of USDT maintaining its status as the largest stablecoin by market capitalization.

The surge in demand for USDC is largely attributed to a series of events that took place in 2022. This includes the collapse of FTX, one of the leading cryptocurrency exchanges. As a result, many investors have shifted their focus to the more reliable USDC. This is evidenced by the data reported by blockchain analytics firm Glassnode, which shows that USDC has a transfer volume of $15 billion as opposed to USDT’s $3 billion.

Stablecoins are generally the go-to choice for crypto investors, especially when market volatility is at its peak. This is because they offer a safe haven for investors to store their funds, as they are backed by a reserve of fiat currencies such as the US dollar. It is this reliability that has made USDC the favorite choice among crypto users.

The USDC transfer volume is also boosted by its wide accessibility. The stablecoin is available on a range of exchanges, including Coinbase, Kraken, Binance, and Huobi. This makes it easier for investors to buy, sell, and trade USDC with other digital assets.

Despite the surge in popularity of USDC, Tether still remains the largest stablecoin by market capitalization. However, this doesn’t seem to have fazed the company, as they have expressed no concern over the competition.

All in all, USDC’s sudden rise in popularity is a testament to its reliability and wide accessibility. It remains to be seen whether the stablecoin will continue to gain traction in the crypto market.

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