While the movement in the crypto money universe has not decreased in any way in recent months, the level of 20 thousand dollars was also seen in the price drops that started with the collapse of the Terra LUNA system at the beginning of May. In this period, while algorithmic stable coins were the subject of discussion, the known “normal stable coins” also fell below a certain level of confidence.
Tether managed to get out of the crisis
The panic that started in the market after the UST’s destabilization to $1 had hit USDT, the largest stable coin, first. In the balance of USDT to $ 1, the price went down to $ 0.95, but Tether company was able to successfully get out of this crisis. In its statements, Tether announced that it made the “real dollar” payments demanded by the customers who favored the company without any problems. The company had made billions of dollars in payments in just a few months and was able to get out of the crisis without any problems.
BUSD started to be preferred
During this period, USDC became a much more preferred stablecoin than USDT due to its US-based nature, but time worked for the largest stablecoin, USDT! In fact, even the BUSD issued by Binance at one time was more demanded than USDT, and the USDT/BUSD parity, which should have been 1 to 1, even became 1 to 1.3 (in favor of BUSD).
There is a switch from USDC to Tether
After all this period, a new crisis may begin to be seen on the USDC side. With the harsh steps taken by the USA against cryptocurrencies, regulation talks, Todnado Cash bans, it is seen that there has been a $1 billion switch from USDC to USDT in the last month. Paolo Ardoino, CTO of Tether company, which is a USDT issuer, rebelled against the fact that no one talked about the fact that the value in USDT is almost equal with the declining market value in USDC in the last month, in the chart he shared. “Why is no one talking about this?” Ardoino asked. At the time of writing, the key comment on this issue came from Gabor Gurbacs, digital asset strategist at investment management firm VanEck.
Gurbacs: Big players may prefer outside the US
Evaluating this situation on his Twitter account, Gurbacs touched upon the danger posed by the US’s anti-crypto practices and said:
“Apparently, in the last month, about $1 billion has been transferred from USDC to USDT. I wouldn’t be surprised if the big players feel more secure outside of the US after the recent regulatory moves towards cryptocurrency companies in the US.”
USDT’s market cap is $67 billion, while this figure is currently $53 billion for USDC.
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