For example, DAI, the largest decentralized and overcollateralized stablecoin, is holding USDC instead of USDT in its treasury. DAI, the currency of the blockchain protocol MakerDAO, has a market capitalization of more than $6 billion and keeps its 1:1 exchange ratio to the U.S. dollar by amassing much more crypto assets than the market value of all the DAI tokens in circulation.
Source: https://www.coindesk.com/markets/2022/05/25/crypto-whales-ditched-tether-for-usdc-after-stablecoin-panic/?utm_medium=referral&utm_source=rss&utm_campaign=headlines