Investors Convert $1.6B Worth Of USDC To USDT Amid US Regulatory Sanctions

According to reports, crypto investors have converted their USDC stablecoin worth over $1.6 billion to another stablecoin, USDT. This is due to the ripple effect of the latest US sanction on Tornado Cash.

Timeline of Usd-coin, Tether

The leading US-based cryptocurrency exchange says that one dollar-pegged stablecoin will play an important role within the transforming financial landscape. In a new blog post, Coinbase says US Dollar Coin (USDC) will be a key component of the broader revolutionary changes as adoption of digital currencies expands.

OKX now offers the most USDC pairs of any crypto exchangeAugust 17 will see OKX launch ZBC Staking with rewards of up to 80% APYOKX Wallet is targeting an industry leading 50 public chains supported, and has received a positive security assessment from

Investors have moved about $1.6 billion from USDC to rival stablecoin USDT over the past month as regulators in the United States increase scrutiny of the crypto company. Investors have moved about $1.

Anchorage Digital, a federally chartered digital asset bank, has partnered with well-known funding platform and talent board AngelList to invest using USDC. AngelList and Anchorage say they are bridging the gap between fiat currency and VC funding.

In just three months, the USDT supply ratio on cryptocurrency exchanges experienced a dramatic increase. Between May and late July, the space tracked this evolution during two crucial phases of the cryptocurrency markets. Moments like the time of the Crypto Winter's coldest touch and the market's sluggish comeback.

The global cryptocurrency market cap fell 2.7% to $1.09 trillion on 9 August evening as investors awaited key consumer price index data. Needless to say, major coins across the market fell as uncertainty/fear struck again amongst traders.

The percentage of Tether on exchanges has more than doubled during the past few months, reaching the level of 42%, thus increasing the likelihood of serious price fluctuations in the following days.

The USDT supply ratio on crypto exchanges witnessed a massive surge in three months. The space observed this development amidst two significant stages of the crypto markets from May to late-July.

The ratio of Tether (USDT) on exchanges is up 20% in the last three months, according to Santiment data. The post USDT volume on exchanges up 20% in 3 months appeared first on CryptoSlate.

After the Terra collapse, traders and investors worldwide are concerned about the security of their money in stablecoin products like Tether, which suffered significantly with millions of outflows. Blockchain detectives have discovered a huge amount of genuine USD that matches Tether “shockingly well” according to a recent study.