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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."

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