- UST failure gave rise to big investors in Ethereum blockchain to leave USDT behind for the perceived security of its greatest rival.
- As per a data aggregator, wallet addresses on Ethereum holding over $1 Million USDC surpassed.
- Tether, the organization behind, diminished its commercial paper holdings by 17% from $24.2 Billion to $20.1 Billion.
USDC Is The New Favorite Now
There has been a shift in thinking of big crypto investors which we also know as crypto whales. The data shows that the crypto whales are showing more interest in USDC instead of USDT, after the collapse of LUNA.
In the crypto sphere, crypto whale is a term utilized to represent the individuals that hold a major amount of crypto coins as well as tokens, for example Michael Saylor is considered as a Bitcoin whale.
These whales are capable of mobilizing a mammoth size of crypto and swaying market values. Researchers keep a keen eye on the activities of the crypto whales to identify trends and forecast large price movements.
Data from CoinMetrics, blockchain analysis organization, exhibits that addresses on the ETH blockchain who have over $1 Million USDC crossed the total wallets holding USDT, still the greatest stablecoin with respect to the market cap.
Tether, the organization behind USDT, lowered its commercial paper holdings by 17% from $24.2 Billion to $20.1 Billion in the initial quarter, as per to its latest, quarterly attestation report of assets supporting stablecoin.
However, it stated that $286 Million of the assets were held in non-US Treasury bonds with 180 day maturity period.
ALSO READ – ETH Co-Founder Lashes Out At DeFi Model Following Terra Meltdown
LUNA Collapse
Recently, Terra ecosystem witnessed a heavy downfall in its ecosystem, eventually losing its value as well as TVL. Do Kwon, founder of Terra (LUNA), offered some suggestions on Twitter.
He stated that if the developers follow the steps offered by him, then eventually they can rebuild the ecosystem, as well as the value of LUNA. Many exchanges delisted Terra (LUNA) from their platforms.
Recently, a plan for Terra 2.0 was unveiled. Eventually, original Terra is now Terra Classic.
Source: https://www.thecoinrepublic.com/2022/05/27/crypto-whales-locomoting-towards-usdc-instead-of-tether-usdt-amid-crypto-havoc/