Recently, I've been paying attention to an interesting phenomenon in the stablecoin market—the exchange rate relationship between USDC and USDT has started to loosen. For a long time, USDT's price has held a slight advantage, but in recent days, a reversal has occurred, and the demand for USDC has suddenly surged.

What exactly is happening? I’ve observed a few key factors:

**Geopolitical Risks Increasing Compliance Demand** The escalation of the situation in Venezuela has made investors more cautious about their trust in stablecoins. Due to its compliant and transparent nature, USDC is viewed more favorably by institutions in risk environments.

**DeFi Ecosystem Drive** Top-tier financial protocols like Huma Finance are choosing USDC as their primary settlement asset. For example, Prime Vault currently offers an annualized yield close to 30%, which provides significant attraction for capital.

**Shift in Trading Activity** The trading volume of USDC has grown significantly faster than that of USDT. Since the stablecoin policy framework has been gradually improved, USDC’s liquidity in traditional financial channels—such as banks, funds, RWA, and on-chain government bonds—has increased markedly. This indicates that the crypto space is gradually tilting toward real financial activities, moving away from mere speculative trading.

The power to choose stablecoins is quietly shifting into users’ hands. Since Circle went public in the US stock market, USDC’s market position has been steadily consolidating. For ordinary participants, understanding the pace of this shift is key to seizing the next wave of opportunities.