Solana

    USDC Declining on Solana?

    It looks like over the last few weeks the market cap of USDC on Solana has been declining.


    Pay by Quality
    Your score determines your final payout.
    Grand Prize
    3.443 SOL (A score of 11 or 12 earns you a Grand Prize title)
    Payout
    2.295 SOL
    Score Multiplier
    0-7 : 0%     8 : 50%     9 : 75%     10 : 100%     11 : 125%     12 : 150%     
    Payout Network
    Solana
    Level
    Intermediate
    Difficulty
    Hard
    Ended

    It looks like over the last few weeks the market cap of USDC on Solana has been declining.


    Source: https://defillama.com/stablecoins/Solana


    What appears to be the cause of this? Where is USDC being removed from the ecosystem and where is it being sent to?


    Does this trend seem to be driven by a few big whales, or does it seem more broad-based throughout the ecosystem?


    Are other stablecoins also dropping in market cap on Solana?