Investors Withdraw More Than 20% of Capital from Circle’s Stablecoin USDC

At the beginning of May, the capitalization of the USD Coin was just over $48.4 billion.

As a result of the collapse of the UST stablecoin and the withdrawal of investors from Tether (USDT), the USDC capitalization reached $55.82 billion by mid-July.

Traders then started to invest in USDC after the issuer of USDT faced problems provoked by the collapse of the Terra ecosystem.

According to the Santiment, the reserves of USDT whales, which control between $100,000 and $10 million in stablecoin, have decreased by more than 50%.

Almost all the funds of large and medium wallets went to USDC, which led to a sharp increase in its capitalization.