Crypto Whales Ditched Tether for USDC After Stablecoin Panic

For example, DAI, the largest decentralized and overcollateralized stablecoin, is holding USDC instead of USDT in its treasury. DAI, the currency of the blockchain protocol MakerDAO, has a market capitalization of more than $6 billion and keeps its 1:1 exchange ratio to the U.S. dollar by amassing much more crypto assets than the market value of all the DAI tokens in circulation.