Data analytics site Glassnode reveals that a total supply of USDC gained last month gives an indication that it is soon to overtake USDT as the safest and the most trusted Stable Coin of the future.
Till the start of 2021, the market capitalization of USDC was about $4.1B. However, the coin has performed phenomenally and its values have surged by 1000% today the market cap stands at $55.27B.
Further poring upon the Glassnode data reveals that since start of May 2022, the total stablecoin redemption totaled up to $9.92 billion.
The analysis also revealed that from May USDT had to endure massive redemptions of -$13 billion followed by DAI with -$2 billion.
Most of the redemption was due to investors closing out leverage, or due to liquidation. In sharp contrast USDC’s market cap rose by a whopping $5 billion in less than two months.
The coin has become a hot favorite and the top 4 stablecoins market cap combined together to surpass the ETH market cap by $3B. This fact is a clear sign of the phenomenal rise of USDC.