As we all know, the entire crypto market uses USDT as it has the most trading pairs of any stablecoin. As we all know, Tether is a very shady company refusing to be transparent about what is actually backing USDT.
USDC, which is “fully backed by cash and equivalents and short-duration U.S. Treasuries” and publishes monthly ” attestation reports by Grant Thornton regarding the reserve balances backing USDC”, is a much more reliable alternative.
For months now USDC is growing larger and larger. It had a $4B market cap on 1/1/2021 and currently stands at a $41b market cap. A 10x increase.
Tether currently stands at $76b market cap, coming from a $21b market cap. A 3.6x increase.
If this trend continues, USDC will flip USDT within the year, which means the inevitable exposure of USDT as a scam will have a much smaller impact than before.