Despite the tumble in stablecoin activity, average transactions of stablecoins DAI and UST still exceed those of USDT and USDC.
Stablecoin usage lost steam amid the recent crypto market downturn. From peaking at nearly $2 billion on May 19, the daily transaction volume has fallen off its 2021 average by about 60%. The significant drop begs the question about stablecoin activity in the current market environment.Unsurprisingly, the two cryptocurrencies that remain in a tight race for stablecoin dominance are Tether (USDT) and USD Coin (USDC). However, the market holds a fine distinction between the two, particularly with their corresponding reserve holding. Credit rating agency Fitch Ratings even warned recently about Tether’s risk triggering a destabilization in short-term credit markets, since its reserves are not all in cash. On the other hand, Fitch cites USDC as an example of a fully backed safe asset since it keeps the
Źródło: https://cointelegraph.com/news/cointelegraph-consulting-stablecoin-activity-drops-after-may-peak
