The USDC supply of the Ethereum blockchain exceeds the supply of the major USD pegs table coin USDT.
USDC continues to gain traction
According to a recent report by blockFor the first time, the total supply of USDC stablecoins on the Ethereum network exceeded the supply of USDT.
In particular, the total supply of USDC stablecoin on the Ethereum network is currently 39.92 billion, while the total supply of USDT on Ethereum is 39.82 billion.
To date, the crypto market has usually been dominated by USDT, so USDC has more supply on the Ethereum blockchain than USDT. This is an important feat for the former.
USDC has been in the industry for several years, but has spent most of its time being the second largest stablecoin after tether in terms of market capitalization.
Several factors, including the rapid increase in use in decentralized finance (DeFi) landscapes, may be causing USDC to overtake USDT on the Ethereum network.
For beginners, Stablecoin is usually responsible for most of the token transactions in DeFi protocols such as Curve, Uniswap and Sushi.
Talk to block, A spokesman for the circle said:
“As the digital asset market is on the rise or down, in both scenarios the demand for USDC tends to increase, especially during significant market movements.”
A spokeswoman added that the demand for USDC is highly dependent on market movements.
For example, as the market rises, new investors convert their flat holdings into stablecoins such as USDC and transfer their capital to crypto trading platforms. Conversely, when the market is hit, investors tend to minimize risk by converting their cryptocurrencies to stablecoins such as USDC.
Similarly, Tether CTO Paolo Ardoino told The Block that USDT differs from its competitors in that demand is heavily driven by centralized exchanges such as Coinbase, Kraken and Binance.
On the contrary, Ardoino added that other stablecoins such as DAI and UST rely primarily on the DeFi platform to increase supply.
USDC expands to other chains
The total supply of USDC in Ethereum is higher than that of USDT, but when all blockchains are taken into account, the latter still holds the highest position.
In related news, BTCManager USDC is reported to be available on some of the major smart contract platforms such as Tron, Hedera Hashgraph and Avalanche.
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