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.
godbole17 The USDC is losing its position and the fall is inevitable.
godbole17 I knew that it was coming that way. There always was too much scheming around USDC and it could never end up well
godbole17 This only means that usdt is the best stablecoin to use. This only slap the faces of tether fudders by the fact that binance didn't remove usdt.
godbole17 It looks like USDC is going to reach the bottom soon. It's just a matter of time.
godbole17 Guess USDC is finally going down like UST. Sell it while you still can, guys.
godbole17 Not suprised. People don't want to use a stable that can go to $0 every day now.
godbole17 I think USDC is losing market share due to lack of full assurance and unreliability.
godbole17 There's nothing surprising about that. Exchanges like Binance remove USDC.
godbole17 It's not a surprise for me cause usdc is a very doubtful coin
godbole17 Instead of being so 'worried' about Tether's reserves, you'd better find out what USDC is backed by and whether all its tokens are actually backed.
godbole17 If USDC did not print artificial tokens, its market cap would have collapsed long ago.
godbole17 Yeah, I think soon we will see USDC will collapse like UST. People don't trust this stablecoin anymore.
godbole17 Well, it's another proof that tether is way better than USDC lol.
godbole17 Of course, it's loosing lol. USDC is literally the worst stable on the market.
godbole17 Not surprised. I knew USDC will go down like UST one way or another.
godbole17 People began to choose the right stable. I mean Tether is a really good choice now. It will never fail us.
godbole17 It's nice to know that your coin is the best, so I made the right choice many years ago. Tether is as reliable as ever.
godbole17 I'm not even surprised. USDC is too shady. There is no evidence that it's really backed. I mean Circle still hasn't published the audit.
godbole17 After Binance delisted USDC this is not surprising. Who needs this stable? A bunch of rich people from the US?
godbole17 Maybe after this people will finally realize that there is no better stablecoin than usdt, after all there hasn't been a single problem with this stablecoin in 8 years
godbole17 BUSD and USDT are much stronger than USDC and both of these stablecoins will work against USDC, this stablecoin has no chance to last till the end of the year
godbole17 The only stablecoin that left is USDT I guess.
godbole17 That was about to happen. Tether has been growing for 8 years already.
godbole17 And USDC shills used to say that it could outperform Tether and take its place. Ha!
godbole17 Because USDC is basically a CBDC.
godbole17 Finally we'll see the real USDC supply very soon. The real numbers, not the fake ones.
godbole17 Yeah since binance autoconverted all USDC to BUSD on the exchange.
godbole17 Well, I think delisting from exchanges and a couple of hacks did their job and people finally starting to understand that they shouldn't trust USDC.
godbole17 Quite expectedly, people have more faith in stablecoins from Tether
godbole17 Not at all shocking to me. I've always believed that USDC is dubious and unreliable. It is less stable than USDT. Consequently, USDC's market cap decreased. This is the reason why I prefer USDT over other stablecoins. For the past eight years and counting, USDT has been reliable.
godbole17 very good
godbole17 Not surprising at all for me. I always thought USDC is shady and not trustworthy.
godbole17 Yes , but then the growth of USDC is equally important for the crypto world!
godbole17 It’s because USDC has a higher potential for brick 🧱. The bots in the replies here are out of control lol.
godbole17 staking / interest on it is rubbish
godbole17 But Binance just got hacked? 🤔
godbole17 Binance is destroying USDC
godbole17 CryptoGrid2
Tether is the best one for using that's why it will be the first.
godbole17 Of course it is because binance auto converted everyone's stablecoins to BUSD to improve liquidity.
godbole17 BUSD is best
godbole17 So you meean, 🔥 all's printing freeee,making freeee 💰 trading on DEX and you won't meention it