Tether [USDT] exchange supply dwindles as whales…
Over the weekend, stablecoins became “unstable” as fifth-ranked cryptocurrency as Circle USDC in market value lost its dollar peg. Following the event, a lot of investors switched sides and held their stables in Tether [USDT] . This led to a drop in USDC’s market capitalization and increased dominance for Tether.
Realistic or not, here’s USDC’s market cap in USDT’s terms
While many may have believed that USDT could act as a safe haven, not many trusted keeping them on exchanges. In fact, whales were the leading light in this group.
According to Santiment, about $1 billion USDT left exchanges and were moved into self-custody multiple times in the last ten days. This was an uncommon occurrence because the act had only happened eight times over the last 365 days before now.
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