USDC Outperforms Tether’s USDT In May, Here’s Why

The stablecoins have been under scrutiny due to the recent TerraClassicUSD (USTC) massive collapse. Global regulators have started taking steps to protect and control them. The total market value of the stablecoins has come down to $160.9 Billion. Meanwhile, the USD Coin (USDC) has outperformed the largest stablecoin, USDT in the last 30 days.

Stablecoins 24 trading vol stands at $32.8 billion

According to the data shown by Coingecko, Tether’s market capitalization has dropped by more than 12.7% in the past 30 days. It now stands at around $72.7 billion. On the other hand, USDC has registered a surge of almost 11% in the same time. The USD coin’s market value has been registered as $54.1 billion.

The stabecoins 24 trading volume has dropped to stand at $32.8 billion. As per the data, the USDT rules for 79% (approx $30.7 billion) of the trading volume. While USDC accounts for the 9.5% (approx $3.7 billion). Meanwhile, Binance USD’s market capitalization has increased by around 1.5% over the past 30 days. It now stands at $18 billion. While Dai Stablecoin’s market valuation has dropped by over 21% to stand at $6.4 billion.

USDD’s market cap up by 635%

The month of May saw the global crypto market crashing and de-pegging of many major stable tokens. It was triggered by the fall of Terra’s USTC. TerraClassicUSD holding a market cap of more than $18 billion crashed down to settle around at $186 million. The token which is meant to backed by the dollar value collapsed to trade around $0.018.

Terra Classic (LUNC) prices thrashed down from $116 to trade at $0.000093. LUNC used to hold a market value of over $40 billion. However, it now stands at around $608 million.

Meanwhile, Tron’s USDD has emerged as the biggest gainer among the top stablecoins. It’s total market capitalization has increased by 635% in the last 30 days. The token was launched just before the market crash began. It now have a total circulation of over 667 million tokens.