Demand for USDC Stablecoin Skyrockets Following FTX Collapse

• Demand for USDC stablecoin has increased significantly following the collapse of FTX.
• According to blockchain analytics firm Glassnode, USDC now has a daily transfer volume of up to four or five times that of major competitor Tether USDT.
• The surge in usage of USDC is likely attributed to investors looking for a more secure and stable asset during times of high market volatility.

The recent collapse of FTX has caused a surge in demand for the USDC stablecoin, a cryptocurrency issued by the financial services firm Circle. According to a data report from blockchain analytics firm Glassnode, the USDC now has a daily transfer volume of up to four or five times that of major competitor Tether USDT. This surge in usage of USDC is likely attributed to investors looking for a more secure and stable asset during times of high market volatility.

The USDC is a fiat-backed stablecoin, meaning each token is backed by a single US dollar in reserve. This makes it an attractive option for those looking to store their funds in a secure and reliable way. Moreover, the USDC is issued by a large financial services firm, further cementing its status as a reliable asset.

The surge in demand for the USDC is also due to its low fees. The USDC offers a much lower fee structure than its competitors, making it an attractive option for those looking to make large transfers. Additionally, the USDC is supported by a wide range of exchanges, allowing users to easily buy and sell the token.

As more investors look to the USDC as a secure and stable asset during these uncertain times, demand for the token is likely to continue to rise. This demand is also likely to drive up the price of the USDC, making it an increasingly attractive option for those looking to store their funds.

Overall, the USDC is a reliable and secure asset for those looking for a stable store of value. With its low fees and wide support from exchanges, it is no wonder that demand for the USDC is skyrocketing. As more investors flock to the token, it is likely that demand for the USDC will continue to grow in the coming months.

Demand for USDC Stablecoin Skyrockets Following FTX Collapse