主要问题还是在 USDT 的贬值，相对来说 USDC 在中国和亚洲的运用还是少了些，当市场大量抛售 USDT 的时候，USDT 对 法币 的价格就会出现负溢价，而 USDC 仍然是对等 1 美元，所以会出现 USDT 对 USDC 的负溢价。
而 USDT 最近贬值就包括了标普对于 Tether 评级变成了 Week ，还有中国监管压力的原因。

为什么现在没有相关理财活动，usdc的溢价还越来越高了？
市场越熊，usdc越受欢迎的逻辑是什么？

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The main problem lies in the devaluation of USDT. Relatively speaking, USDC is used less in China and Asia. When there is a large sell-off of USDT, the price of USDT against fiat currency will show a negative premium, while USDC remains pegged to 1 US dollar, resulting in a negative premium for USDT against USDC.

The recent devaluation of USDT is also due to factors including S&P's downgrading of Tether's rating to "Week" and regulatory pressure in China.

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Thankfully, they were all replaced with USDC.