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bitcoin usdt usdc usdc coin crypto stablecoin tether
Nexo Logo

Is USDC’s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether?

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news
Reading Time: 3 mins read
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The talk of the crypto market recently has been the sudden substantial increase of Tether printed and its potential impact on Bitcoin. But what they’ve failed to realize, is that the USDC supply has also doubled over the last two months.

Is this a sign that smart money crypto holders are slowly but surely ditching Tether for other stablecoins?

USD Coin Market Cap Doubles In Two Months, But Why?

Once upon a time in the crypto market, the only stablecoin in the space was Tether. Crypto traders swapped their Bitcoin, Ethereum, XRP, Litecoin, and other altcoins for USDT whenever volatility struck and prices collapsed.

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The dollar-pegged stablecoin protected wealth from drawdowns and acted as a stable, safe haven for capital while keeping money in the crypto market.

Related Reading | How Does The Next Chapter In The Tether Printing Story Unfold For Bitcoin

But in any market, competition eventually shows up and market leaders have their throne challenged. The almighty Tether that currently nears closer to $15 billion in market cap, finally has a contender on its hands with USD Coin.

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Although the Tether supply recently minted this past month eclipsed USD Coin’s entire market cap, USD Coin has been creeping up higher along the cryptocurrency top coins by market cap.

The stablecoin built by the consortium Centre, backed by Circle and Coinbase, over the last two months also doubled its market cap, rising from $1 billion to $2 billion. But what’s behind the sudden demand?

bitcoin tether usdc usdt

BTCUSD Daily Price Chart Versus Tether and USD Coin Market Cap Growth | Source: TradingView

Tether Trouble: Why Would Smart Money Be Ditching USDT For USDC Instead?

According to crypto Twitter chatter, “smart money” could be swapping out Tether in favor of USD Coin over time, in order to avoid an eventual implosion.

While USD Coin is backed by the likes of Coinbase and Circle, Tether’s parent company is the same as Bitfinex, and the two have been surrounded with controversy for the last several years of crypto market price action.

Related Reading | Financial Advisory Group: Bitcoin Would Be 40% More Valuable Without Manipulation

Tether was claimed to be at the center of widespread Bitcoin price manipulation, and it prompted an investigation by the DoJ. The parent company is regularly embroiled in legal battles, and the crypto community in the past has feared insolvency.

USD Coin on the other hand, has always been transparent and works with United States regulators. The supply is regularly audited by the seventh largest firm in the world, Grant Thornton LLP.

If stablecoins are supposed to act as a safe haven for crypto capital, then it makes sense for investors to begin moving funds out of Tether and into something more “stable” than even what a dollar-peg can provide.

Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoStablecoinsUSDCUSDTxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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