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USDC dethrones USDT as most liquid stablecoin on centralized exchanges: data
An analysis by crypto market data provider Kaiko found that USD Coin (USDC) is currently the most liquid stablecoin on centralized exchanges (CEXs), with about $38 million in bids preventing a 0.1% price deviation of the asset. USDC’s liquidity is followed by that of Tether (USDT), Binance USD (BUSD), True USD (TUSD), and Dai (DAI). The data compiled by Kaiko includes the supply depth of 0.1% for all markets that use USDC as the underlying asset. USDC – the most liquid on CEXs Kaiko notes that while stablecoin issuers such as Circle and Tether ensure that their tokens retain their parity, there is still a cancellation...
USDC dethrones USDT as most liquid stablecoin on centralized exchanges: data
An analysis by crypto market data provider Kaiko found that USD Coin (USDC) is currently the most liquid stablecoin on centralized exchanges (CEXs), with about $38 million in bids preventing a 0.1% price deviation of the asset.
USDC’s liquidity is followed by that of Tether (USDT), Binance USD (BUSD), True USD (TUSD), and Dai (DAI). The data compiled from Kaiko includes the 0.1% supply depth for all markets that use USDC as the underlying asset.
USDC – the most liquid of CEXs
Kaiko noted that while stablecoin issuers such as Circle and Tether ensure that their tokens maintain parity, there could still be an unpegging on the spot markets. This has made stablecoin spot markets essential for price discovery.
"In theory, stablecoin issuers maintain their peg. However, unpegging can still occur in spot markets, especially considering that #USDT redemptions start at $100,000. Stablecoin spot markets are therefore extremely important for price discovery. "This data aggregates a supply market depth of 0.1% across all markets that include the stablecoin as an underlying asset," Kaiko called.
The recent development is significant for USDC as USDT has always been ahead. At the beginning of the year, USDC and DAI saw very little use on CEXs. According to Kaiko, they were largely traded within the decentralized finance (DeFi) ecosystem.
Towards the end of the first quarter of 2023, a possible US banking crisis caused USDC to lose its dollar parity and fall by 13% to levels below $0.88. However, according to data from CoinMarketCap, the stablecoin has stabilized and aims to remain in the $1 price range.
Coinbase increases USDC rewards to 4%
USDC’s dominance on CEXs can be attributed to crypto exchange Coinbase increasing rewards with the asset to 4%. The trading platform announced announced in a tweet on June 15 that it is increasing its incentive for USDC holders from 2% to 4%, a move aimed at attracting more users and strengthening its position in the market.
Meanwhile, USDT, now the second most liquid stablecoin on centralized exchanges with about $26 million in bids, traded below the $1 price range during the week. According to data from CoinMarketCap, the asset was worth $0.99 at the time of writing due to the ongoing Curve-Aave lending saga.
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