coinedition.com
In recent developments, the USDC/USDT trading pair on Binance has been experiencing a remarkable upward trend, reaching $1.0034, marking the highest level since June 13, 2022. Concurrently, USDT saw a slight decline of 0.3%.
This surge in the USDC/USDT pair comes alongside a shifting market landscape as USDT’s dominance within the Curve 3pool diminishes. According to Chinese reporter Colin Wu, USDT accounts for 73.79% of the pool, while DAI and USDC represent 13.05% and 13.16%, respectively.
The price of the USDC/USDT trading pair on Binance continued to rise, and has currently reached $1.0034, a high since June 13, 2022. In fact, USDT fell by 0.3%.
— Wu Blockchain (@WuBlockchain) June 15, 2023
USDT accounted for 73.79% of Curve 3pool, DAI accounted for 13.05%, and USDC accounted for 13.16%. Users exchange USDT… pic.twitter.com/heqrjsPuug
Amidst these fluctuations, Aave V2 witnessed a remarkable surge in the lending rates for USDT. Depositors have experienced an increase of over 20% in the deposit rate, while borrowers have seen a rise of more than 30% in the loan rate.
Wu noted this sudden change had attracted the attention of prominent players in the market, prompting some to exploit the opportunity for profit. One such example involves the borrower with the Ethereum address Czsamsun.eth.
The borrower leveraged their 17,000 ETH and 14,000 stETH collateral to secure a $31.5 million USDT loan from Aave V2. Subsequently, all the borrowed USDT was exchanged for USDC using 1inch, a decentralized exchange.
Later, the borrower deposited $10 million USDC into Aave V2 and $21 million USDC into Aave V3. Additionally, the trader borrowed $12 million USDT from Aave V3 and deposited it into Aave V2.
These activities highlight the strategic maneuvers of experienced traders seeking to capitalize on shifting trends. However, the events have not gone unnoticed, with Tether CTO Paolo Ardoino reassuring Tether was prepared for potential attacks. “Let them come,” he said.