INTRODUCTION

For the first time since January 2022, USD Coin (USDC tickers down $1.00), a stablecoin released by Circle, a U.S.-based payment technology company, has a market valuation below $50 billion. The difference between USDT and USDC sees investors' increased preference for USDT. Let's examine the elements that make Tether the best stablecoin.

Earlier in September, Binance, the largest cryptocurrency exchange by volume, stated that it will swap the USDC balances of its users for Binance USD (BUSD). The conversion won't affect USDT and will start on September 29.

The exchange said the apparently forced conversion would "improve liquidity and capital-efficiency for customers" in the increasingly cutthroat stablecoin market. Binance subsequently stopped offering spot, futures, and margin trading in USDC.

Since the news, USDC's market value has fallen by $9.5 billion. The India-based cryptocurrency exchange likewise stopped accepting USDC deposits on September 26, following Binance's lead.

METHODOLOGY

Even though various ideologies are followed to get the data analyzed for this, initially the total market cap volume of the USDC token in the Solana network is calculated and in between the timely analysis of the same is also done. The same procedure has also been done for other stablecoins. The count of the users with the different stablecoins over time in the Solana network is also charted. In the past 60 days, the top platforms where the most volume of the USDC token is transferred is also addressed. The top CEX wallets with the total USDT volume transferred are also accounted for. Also, the top 10 USDC outflow addresses are also charted. The market cap value of the different stablecoins is also calculated along with the inflow date. Furthermore, the total USDC outflow is also calculated. The top 5 places where the USDC tokens are disposed of are also foreseen. Now the outflow of the USDC tokens is charted with time to see the trend. The top 10 wallets which receive most of the tokens are also considered. As done with the outflow, the inflow of the token is also aggregated with time along with the cumulative value. The influence of the Whales in the Solana network is also accounted for. Finally, the number of transactions, the users and the transferred volume are also considered.

The total USDC Marketcap value in the Solana network are accounted here.

The Market cap of the token over time is addressed here with the cumulative value of the same for the past three months.

The users who have stable coins with time is addressed here and it is seen that most people USDT than USDC and in the recent days there is a drastic drop in the volume of the stable coins.

The top plarforms and the total USDC volume transferred in are accounted for here and it is seen that ftx hot wallet has the highest.

The top CEX wallets where most of the stable coins get transferred are charted here and as before ftx hot wallet has the highest here too.

The top 10 USDC outflow addresses are accounted here and the volume is in the orders of trillion and this clearly indicates these users are whales .

The stable coin marketcap value over time is calculated and charted here with time for both USDC and USDT stable coins and it is seen that for USDC the outflow is higher than the inflow in the recent days.

The outflow of the USDC token over time is addressed here and it is seen that it has almost the similar trend except that there was a huge drop on october 1.

The left number shows the total USDC tokens as outflow and towards the right, the top 5 disposal places of the Solana tokens are accounted.

The top 10 wallets where the USDT tokens get transferred into are accounted here.

The inflow amount as well as the cumulative volume of the token are charted with time and it seems to have almost the same trend.

It is clear about the influence of the whales in the Solana network and the volume with the addresses of the whale are charted here.

The top CEX wallets by the count of the users as well as the top CEX wallets by the transactions are also accounted for here along with the percentage of shares with each of the CEX wallets.

As seen from all the visualizations, there is a drop in the USDC transactions in the solana network which can even be due to the event of Binance delisting the USDC tokens.