The share of stablecoin USD Coin (USDC) provide held by the highest 1% addresses dropped to a 22-month low on Monday, whereas USDC common buying and selling quantity in seven days surged to an all-time excessive on the identical day, in response to crypto information dashboard Glassnode.
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- The entire provide of USDC has shrunk by $100 million over the previous week, and Glassnode’s chart additionally reveals USDC deposits hit a 17-month low on Monday.
- In early August, USDC froze greater than 75,000 USDC in 44 Twister Money-related addresses in response to the U.S. Treasury Division’s sanctions in opposition to the Ethereum-based cryptocurrency mixer.
- USDC is managed by a consortium known as Centre, which was based by crypto lender Circle and consists of members of crypto trade Coinbase and Bitcoin mining big Bitmain.
- USDC’s market capitalization dropped by US$2 billion within the two weeks because it introduced it was freezing the Twister Money-related addresses, in response to CoinMarketCap.
- Crypto analyst @TheLondonCrypto famous final week that he noticed greater than $1.6 billion has been transferred from USDC to its competitor stablecoin Tether (USDT) after the freeze was introduced.
- USDT has thus far not introduced that it’ll freeze Twister Money-related addresses or any public response to the sanctions.
- Twister Money has been controversial as a result of it protects transaction privateness whereas it has been accused of being a money-laundering software for crimes.
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