Capital is starting to flow into USDT out of USDC, according to Glassnode data analyzed by CryptoSlate.
The chart above shows the market cap of USDT and USDC – both stablecoins that are pegged to the US dollar – since March 2021.
Beginning in Jan. 2023, a trend reversal started to take shape, with USDC losing market cap equal to the rate of USDT gaining it.
USDC currently has a market cap of US$40.69 billion, while USDT presently sits atop a market cap of US$68.48 billion.
The news comes on the heels of a wider shakeup in the stablecoin industry, with regulators in the US beginning to scrutinize the issuance of BUSD by Paxos.
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