Previously did a deep dive into the history of USDT and USDC—the gap between the two was minimized by the end of 2022. Back then, the LUNA-Three Arrows-FTX crisis led to crazy FUD around USDT's offshore currency narrative. By the end of '22, USDT's market cap was down to $66 billion, shrinking 20% in a year. USDC, on the other hand, grew 5% in a year, reaching a $45 billion market cap thanks to its compliance narrative. Unfortunately, the Silicon Valley Bank incident in '23 dragged USDC into the mess, costing it the chance to overtake.