In recent months, the market capitalization of tether (USDT) has experienced a remarkable increase, closely mirroring the surge in bitcoin’s (BTC) price. Conversely, its counterpart, USD Coin (USDC), has encountered a substantial decline in market cap.
At the beginning of 2023, USDT’s market cap stood at $66.24 billion. However, this figure has increased by over 25% to the current $83 billion. In stark contrast, USDC’s market cap at the start of the year was $44 billion but has now plummeted by 47% to $23 billion.