Check the volume for USDC/USDT. It has been increasing the last couple of weeks.
So one could argue that people are trading largely unbacked USDT for backed and audited USDC. Which increases the demand for USDC and the USDC minting.
So one could argue that people are trading largely unbacked USDT for backed and audited USDC. Which increases the demand for USDC and the USDC minting.
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