Following the collapse of FTX, USDC transfer volumes have often exceeded 5X the volumes recorded by USDT as investors look to reduce risk amidst the market carnage.
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averaging over $12.5 billion more in transfer volume compared to USDT per day according to Glassnode data.While each of the stablecoins is designed to trade as close to one U.S. dollar as possible and is backed by reserves held by its issuers, USDC isSupporters point to USDC’s assets, which are backed by cash or short-term U.S. treasuries and its monthly audits by global accounting firm Grant Thornton.
Tether has faced criticism over a number of years for not providing a proper audit and for being less transparent about its reserves.The company behind USDT was fined $41 million in Oct. 2021 by the Commodity Futures Trading Commission, which accused it of only holding sufficient reserves 27.6% of the time between 2016 and 2018 despite
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