Skip to main content

Will USD Coin (USDC) Catch Tether (USDT)?

 


As USDC's total supply reaches 55.9 billion, the stablecoin has managed to catch up with Tether on the Ethereum blockchain.


Over the past 24 hours, USDC's volume has almost doubled against USDT, which could be another sign that Tether's dominance is slowly coming to an end.


According to a report by Messari, as of June 21, Circle's USDC reached $1.1 billion in daily volume on the Ethereum network, which was double USDT's real-world volume of $579 million.


Messari's real volume metric is calculated by compiling exchange data that the company believes have significant and legitimate crypto trading volume, distinguishing it from the more commonly used total volume metric.


Exchanges that Messaris includes include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex, and OnChainFX.


Tether's outstanding supply has continued to fall since its all-time high on May 11, falling nearly 20% from $83.1 billion to an eight-month low of $67.9 billion.


USDC managed to increase supply by 13% to 55.9 billion on May 11th. If these trends continue, it could spell the end of Tether’s dominance in the stablecoin space.


The collapse of Terra and a possible break in Celsius have raised doubts among investors, which have been exacerbated by a market crash in recent weeks. USDT redemptions have increased significantly, causing supply to drop.


In a statement on June 13, Tether tried to boost trust. It was written that the ongoing problems with Terra and Celsius will have no impact on USDT reserves. Still, some investors seem to be moving away from it.


Messari's real-world volume metric isn't the whole story, though. Across all blockchains and exchanges, CoinGecko reveals that USDT's daily volume is still number one at $44 billion, compared to USDC's $5 billion.


However, it is not known how much of the volume is due to USDT being used for wash trading to inflate either coin or exchange numbers, which is why the imperfect real volume metric was developed.


Tether's CTO, Paolo Ardoino, told Euromoney on June 15 that Tether plans to get a proper audit from a top 12 auditing firm. The top four are a bit more cautious as he said:


"The big four are a bit more cautious about offering a full suit when the rules aren't clear."

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more