The share of deposits held by the top 1% of USDC addresses hit a 22-month low of 88.667%. This was noticed by Glassnode analysts.
๐ $USDC Percentage of Supply Held by Top 1% Addresses reached 87.667%, the lowest level in 22 months
On August 20, 2022, the previous 22-month low was 87.669%
View metric:https://t.co/EU57HUtLdu pic.twitter.com/dG7Qj1bAjF
โ glassnode alerts (@glassnodealerts) 22 August 2022
The capitalization of the central consortium’s stablecoin is falling for the second month – from a maximum of $56 billion at the beginning of July to $52.2 billion (CoinGecko). The market supply of rival USDT from Tether fell from $83.2 billion in mid-May to $67.6 billion amid the market crash.
However, the latter’s capitalization has increased by nearly $2 billion since Aug. Today, Circle blacklisted the USDC wallet addresses of its mixing service Tornado Cash after its launch. OFAC sanctions. One of the stablecoin operators blocked the movement of at least 75,000 USDC.
On-chain data also shows that amid USDC sales, FX deposits (softened by the seven-day moving average) hit a 17-month low of 138,250, up from 138,810 on March 23, 2021.
๐ $USDC Number of Foreign Currency Deposits (7d MA) just hit a 17-month low of 138,250
138,810 hits on March 23, 2021, the lowest level of the previous 17 months
View metric:https://t.co/yhG6sKrvi6 pic.twitter.com/tB9ZoQVs7j
โ glassnode alerts (@glassnodealerts) 22 August 2022
Stablecoin inflows to exchanges fell to an 11-month low – $11,130,584.
๐ $USDC FX Entry Volume (7d MA) hits 11-month low at $11,130,584.25
On February 16, 2022, the previous 11-month low was $11,286,419.70.
View metric:https://t.co/NRowlHHLDG pic.twitter.com/0GdYOmrmNO
โ glassnode alerts (@glassnodealerts) 22 August 2022
At the same time, the average volume of stablecoin transactions reached a record $228,721 over the past three years.
๐ $USDC Average Transaction Volume (7d MA) reached 228,721,050 USDC, 3 year high
On June 19, 2022, 226,056,588 USDC, the highest level of the previous 3 years, was observed.
View metric:https://t.co/VUwnIn7YLP pic.twitter.com/FDrgkDUIuZ
โ glassnode alerts (@glassnodealerts) 22 August 2022
Recall that the steady growth of USDC capitalization in the first half of the year allowed Arcane Research analysts to predict that in October the coin will surpass the leading USDT.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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