Stablecoin USDC is losing market share to rivals Binance USD and tether. report by godbole17
and Binance's recent decision to consolidate order books, are responsible for USDC's dwindling market capitalization.
Hansen added that investors concerned with U.S. regulators prefer USDT to USDC and could be moving back to USDT.USDC's safe haven appeal stems from the transparency of its reserves and due to its issuance being regulated in accordance with U.S. state money transmission supervision. On the contrary, tether's reputation has been long marred by controversy surrounding the nature of its reserves.
the stablecoin as a tradeable coin on its platform. With an average daily volume of $20 billion, Binance is the world's largest cryptocurrency exchange.On Sept. 5, Binance announced that it would convert all investments in USDC, pax dollar and trueUSD into BUSD, suspending spot, future and margin trading in the three stablecoins. Since then, USDC's market cap has dropped by nearly $5 billion while BUSD's market value has risen by over $2 billion.
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