Glassnode analysts have reported that the share of deposits held by the top 1% of USDC addresses has hit a 22-month low at 88.667%.
The capitalization of the stablecoin issued by the Center consortium has been declining for the second month, from a maximum of over $56 billion in early July, the figure fell to $52.2 billion.
The market supply of its “rival” USDT issued by Tether fell from $83.2 billion in mid-May to $67.6 billion amid the market crash.
However, the capitalization of the latter has grown by about $2 billion since August 8. On this date, Circle blacklisted the USDC wallet addresses of mixing service Tornado Cash following OFAC sanctions.