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Billions of dollars are leaving BOTH USDT and USDC
I'd understand USDT due to the EU delistings... but USDC?
USDC is fully MiCA compliant. Every dollar leaving USDT should be landing in USDC
None of it is because USDC and USDT pay holders 0% while tokenized T-bills pay 4-5%
For a decade, holding a stablecoin meant eating that 0% as the price of being in crypto
That trade is now dead and stablecoins are adapting for yields