USDC Volume on Whale Addresses Falls to Lowest Level in 2 Years

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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.

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