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Between crypto-backed stablecoins making a come-back and USDC on the verge of flipping USDT, the ripples of UST’s collapse are still unfolding. To figure out where we are and what comes next, we’ve teamed up with OKX and dug into the data.
Here’s what we’ve found:
- The collapse of UST led investors to flock to stablecoins perceived as safer
- After a sharp decline of the crypto-backed stablecoin market share, it has since returned to pre-UST levels
- USDC’s market share could flip that of USDT, possibly as early as Q4 2022
- Crypto’s increasing reliance on USDC could push it into a centralizing spiral
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