The battle for stablecoin supremacy is getting heated. The growth of Circle's stablecoin USDC in the last two months compared to its $66-billion rival giant USDT is nothing short of spectacular. USDC's market capitalization has grown by 8.27% since May.
" like scenario. As a result, people would start selling their stablecoin at a discount, breakin the peg.
USDT has a history of going below or above its $1-peg during extreme market volatility, though this was more pronounced in its earlier days.that one of its sister companies is insolvent.The same happened after the Terra collapse in May, with USDT's valueto as low as $0.97. Nonetheless, the stablecoin recovered its dollar peg every time.to $0.97 during the"Covid crash" in March 2020, only to recover to $1 and fall again to $0.98 in the same month.
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