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- The stablecoin USD Coin (USDC) on the Ethereum blockchain is currently supplying 40 billion units, which is more than that of tether(USDT) total supply.
- The market value of all stablecoins in existence was $173 billion on Saturday, January 15, 2022, or 7.93 percent of the $2.18 trillion crypto-economy.
- With a total quantity of 79 billion tethers, Tether has a lot more USDT tokens spread over different blockchain networks.
The market capitalizations of the stablecoins tether and USD coin account for 71.84 percent of the total value of the stablecoin ecosystem.
Usd coin’s current total quantity of tokens released on the Ethereum blockchain topped tether this week, with USD coin having a 0.568 percent bigger fully diluted market value on the smart contract network.
Tether’s ERC20 Supply Is Beat by USDC Issuance on Ethereum
The stablecoin USD Coin (USDC) on the Ethereum blockchain is currently supplying 40 billion units, which is more than that of tether(USDT) total supply.
According to etherscan data, the current supply of USDT is 39.8 billion units at the time of writing. Although there are just 0.568 percent more USDC tokens in circulation than tethers, this is the first time USDC has beaten USDT in terms of Ethereum issuance.
On the ETH chain, tether has received 136,448,792 transfers, whereas USDC has received just 33,104,877. In other words, ERC20 tethers have been transmitted 312.17 percent more than USDC tokens have been transferred.
Tether’s supply has climbed by 1.8 percent in the previous 30 days
- USDC is also on a few alternative blockchains, however, Ethereum is where the majority of USDC is stored.
- Despite double-digit monthly growth, stablecoin giants outperform decentralized, algorithmic competitors.
Both of these stablecoins are massive in relation to the rest of the stablecoin market, controlling 71.84 percent of the market today.
There was $78 billion in total trading activity throughout the whole crypto-economy in the previous 24 hours. Stablecoin trades, on the other hand, account for $47.5 billion of today’s trade volume, or more than 60% of the total.
According to data from coingecko.com’s top stablecoin by market value, tether’s supply has climbed by 1.8 percent in the previous 30 days.
The supply of USDC has grown by 8.9 percent in the last month. Decentralized and algorithmic stablecoin supplies have grown significantly in the last 30 days, with UST, MIM, and FRAX increasing by double-digit percentages. Terra’s UST grew 22 percent, MIM increased 17 percent, and FRAX increased 46.4 percent in the previous month.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
