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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin usdt usdc usdc coin crypto stablecoin tether

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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.

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.

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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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