Crypto whales have changed their minds on stablecoins after the UST failure.
There seems to be a change in the thinking of crypto investors known as whales. The data shows that USDC is preferred over USDT on the Ethereum blockchain.
According to blockchain analysis firm CoinMetrics, wallet addresses holding more than 1 million USDC on the Ethereum blockchain have exceeded the number of wallets holding USDT.
Oanda’s market analyst, Edward Moya, said:
“Many people see USDC as a safer stablecoin in current market conditions”
CoinMetrics sold at least 1 million USDT of 147 whales after the UST collapse, while most announced that it received less than 1 million USDC.
