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USDC overtakes Tether on Ethereum network

 


The total supply of USDC on Ethereum is now greater than that of Tether. This puts the USDT in second place on Ethereum for the first time.


Circle's USD Coin (USDC) has reached a major milestone, overtaking Tether (USDT) on the Ethereum network in terms of total supply.


USDC's current circulating supply on Ethereum is 40.06 billion tokens. USDT is now just behind at 39.82 billion.


Tether has been the most popular stablecoin since at least 2016, having originally shared the market with stablecoins BitUSD and NuBits (USNBT) when it launched in late 2014. At the time, USDT ran on Omni. The other two stablecoins have been forgotten due to the fact that they are no longer linked to the dollar. USDC then emerged in 2018 as a more transparent and regulated competitor to Tether. Tether has been criticized for years due to doubts about its pegging to the US dollar.


Although USDT is still the most popular stablecoin with a total supply of 78.5 billion, the Tron network accounts for nearly 50 percent of the supply, or 38.7 billion tokens. USDT can also be used on BSC, Solana, Huobi ECO Chain, Avalanche, Polygon and 13 other chains or layer two solutions.


The current total supply of USDC is 45.7 billion tokens spread across 21 chains, or layer two solutions.


Doubts about Tether's peg to the US dollar have caused the company's public standing to decline over the years. The way the stablecoin is collateralized and how the reserve funds are managed have made the company a contentious issue.


About Tethers financial reserves two reports were published by the accounting firm Moore Cayman in the 2021st They came to the conclusion that the token was covered with sufficient reserves. However, the doubts remained. In its last financial report, Tether announced that it held USD 30.8 billion in unspecified securities, among other assets, and that the USDT was thus secured.


Circle has been more transparent about its reserves, although not to the extent that some critics are calling for. In August 2021, Coinbase President Emilie Choi said the USDC reserves, to which the second-largest stablecoin on the market is pegged, would be fully converted to cash and U.S. Treasuries . According to a report by independent auditor Grant Thornton , that is what actually happened on October 27, 2021.


Coinbase is a close partner of digital payment service provider Circle and also helped launch the USDC in October 2018. Circle is financially backed by Bitmain, China Everbright Bank and eight other companies.


The company has advocated a solid legal framework for all stablecoins. Circle chief Jeremy Allaire backed a proposal by the Biden administration in November 2021 to treat stablecoin issuers similarly to banks. Allaire also attended a congressional hearing with several crypto industry leaders in December 2021 to discuss policy direction with the US Financial Services Committee.


Centralized stablecoins USDT, USDC, and BUSD are currently the top three in their category. But decentralized stablecoin options are currently gradually gaining ground.



TerraUSD (UST) is the fourth largest stablecoin but has grown the fastest since November 2021. Since then, it has overtaken Magic Internet Money (MIM) and DAI (DAI) to reach a market cap of $10.7 billion.

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