USDC Flipping Tether Soon | Crypto Black Swan Event in Slow MotionJun 17, 2022
The latest crypto market rout has led to heightened anxiety among investors, accompanied by layoffs at Coinbase and other big industry players. Now fresh signs are emerging that the nervousness is hitting Tether, the issuer of the most popular stablecoin. Tether's USDT has a different financial structure from the Terra blockchain's UST "algorithmic stablecoin," which collapsed last month. But USDT has long suffered from investor doubts about the assets backing it, and whether redemptions would be honored in a full-blown crisis. Meanwhile, Circle's USDC stablecoin seems to be reaping the benefits and aligning itself as the new stablecoin standard.