After the Tether (USDT) collapsed below $1 recently, all focus has been shifted towards USDC as the investors are reassessing their preference for stablceoin due to USDC’s increased market cap.
Here are two metrics that pose as proof in regards to the increased demand for USDC.
Decreased Liquidity
According to the Glassnode data, on the Uniswap exchange, the USDC liquidity has been finding its bottom to the level which was last seen 16 months ago.
Hence, this decreased liquidity on the Uniswap is an indication that the demand is increasing and also points out that the investors are inclining toward the stablecoins
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Source: https://coinpedia.org/news/the-demand-for-usdc-spike/