3 reasons why USDC stablecoin dropping below $50B market cap is Tether's gain

USDC is losing ground to its top-rival Tether.

Following Binance's footsteps, the India-based cryptocurrency exchange alsoBinance: No plans to auto-convert Tether, though that ‘may change’The USDC supply help by top 1% addresses has dropped to 88.36% in September from its year-to-date high of 93.84% in February, according to data collected by Glassnode.

"People now have realized there is more risk holding USDC, Circle blacklisted all the USDC on Tornado Cash addresses sanctioned by US Treasury," he

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