Now, USDC makes up 36% of its assets, with DAI and USDT comprising 37% and 27% shares, respectively.
“While USDC has had some large outflows, it appears that the tide could be beginning to turn in DeFi,” Carey told CoinDesk. “Curve’s 3pool has become more balanced, a sign that fear around USDC (and DAI) has begun to subside.”
Data shows that USDC has managed to maintain its dominant position in DeFi despite the crisis, Andrew Thurman, analyst at blockchain intelligence firm Nansen, explained.
According to Nansen data, USDC is still a widely used trading pair in decentralized exchange pools, and top USDC holders include DeFi protocols, bridges and decentralized autonomous organizations (DAOs).
Last week, decentralized lending protocol MakerDAO voted to confirm USDC as the top reserve asset for its DAI stablecoin.
“I’d say that its dominance might have been chipped away a bit, particularly ceding ground to Tether, but it’s still the largest and remains systemically important,” Thurman said.
USDT, with a $80 billion in market capitalization, has reached a 22-month high in market share on the $132 billion stablecoin market. The token is mostly used for facilitating trading on centralized exchanges.