Glassnode: USDC Overtook USDT in Popularity After FTX Crash

The USD Coin stablecoin has skyrocketed in popularity following the default of the FTX cryptocurrency exchange, according to analytics firm Glassnode.. Users are more likely to choose USDC despite the convenience of USDT. Stablecoin USD Coin (USDC) overtakes Tether (USDT) in terms of daily transfers, currently four to five times higher than the competitor. At the same time, the market capitalization of USDT is $23 billion more than that of USDC. Both stablecoins saw a spike in remittances after the FTX crash. However, users more often chose USDC — on average, the volume of transfers is $12 billion more than that of USDT.. Currently, USD Coin is perceived by the cryptocurrency community as a safer stablecoin, despite the fact that USDT is more tradeable and has a strong peg to the US dollar. Some believe that the monthly audits by the accounting firm Grant Thornton of USDC, as well as the backing of short-term US Treasury bills, put the stablecoin head and shoulders above its competitor.. Moreover, Tether has been criticized more than once for the lack of detailed audits. Earlier, in response to media attacks, Tether announced that it would reduce secured loans in USDT reserves to zero within a year.