-0.64% Bitcoin (BTC) 91681.5 EUR
+0.37% Ethereum (ETH) 2098.19 EUR
-0.09% Litecoin (LTC) 72.85 EUR
+2.93% B-Cash (BCH) 429.3 EUR
+0.97% Ethereum (ETH) 0.0231189 BTC
+0.50% Litecoin (LTC) 0.00080396 BTC
+3.54% B-Cash (BCH) 0.00468438 BTC
+0.32% Bitcoin (BTC) 108509.2894 USDC
-0.97% USD Coin (USDC) 0.85 EUR
-1.60% Chainlink (LINK) 11.38 EUR
-0.91% Chainlink (LINK) 0.00012413 BTC
-2.88% Dogecoin (DOGE) 0.13 EUR
-1.92% Dogecoin (DOGE) 0.00000153 BTC
-2.88% Uniswap (UNI) 6.02 EUR
-2.24% Uniswap (UNI) 0.00006575 BTC
-3.29% Cardano (ADA) 0.48 EUR
-2.56% Cardano (ADA) 0.00000531 BTC
-1.33% Tron (TRX) 0.23 EUR
-0.77% Tron (TRX) 0.00000256 BTC
-1.88% Shiba Inu (SHIB) 0.00000991 EUR
-5.31% Zcash (ZEC) 34.72 EUR
0.00% Zcash (ZEC) 0.0004242 BTC
0.00% TradeFlow (TFLOW) 0.12216892 BUSD
-1.74% Arbitrum (ARB) 0.3039 USDC
-0.62% Chainlink (LINK) 13.2 USD
-0.57% Chainlink (LINK) 13.19753 USDC
-1.92% Uniswap (UNI) 6.982 USDC
-3.78% Ondo (ONDO) 0.64 EUR
-2.60% Ondo (ONDO) 0.75478 USDC
-1.59% Gala (GALA) 0.01 EUR
-1.08% Gala (GALA) 0.01373 USDC
+6.61% Wormhole Token (W) 0.05 EUR
+6.35% Wormhole Token (W) 0.0653 USDC
-1.92% Chiliz (CHZ) 0.03 EUR
-1.23% Chiliz (CHZ) 0.03521 USDC
-2.81% Sand (SAND) 0.21 EUR
-2.38% Sand (SAND) 0.2459 USDC
-2.45% Aave (AAVE) 219.93 EUR
-1.33% Aave (AAVE) 257.58 USDC
-10.96% Curve DAO (CRV) 0.43 EUR
-9.97% Curve DAO (CRV) 0.5065 USDC
-2.38% Immutable X (IMX) 0.35 EUR
-1.07% Immutable X (IMX) 0.4141 USDC
0.00% Skale (SKL) 0.07 USDC
+4.40% Beam (BEAM) 0 EUR
+3.63% Beam (BEAM) 0.00542 USDC
0.00% Axelar (AXL) 1.05 USDC
-3.40% Livepeer Token (LPT) 4.85 EUR
-2.87% Livepeer Token (LPT) 5.676 USDC
-3.06% Compound (COMP) 38.92 EUR
-2.12% Compound (COMP) 45.7 USDC
+2.11% Coti (COTI) 0.04 EUR
+2.01% Coti (COTI) 0.0507 USDC
0.00% Portal (PORTAL) 1.1 USDC
-0.38% Sushi (SUSHI) 0.51 EUR
-1.96% Sushi (SUSHI) 0.5885 USDC
-4.76% Pepe (PEPE) 0 EUR
-4.41% Pepe (PEPE) 0.00000952 USDC
-1.46% Optimism (OP) 0.46 EUR
0.00% Polygon (MATIC) 0.2 EUR
-1.64% Solana (SOL) 123.44 EUR
-1.57% Solana (SOL) 0.0013401 BTC
-1.17% Solana (SOL) 0.059551 ETH
-0.39% USD Coin (USDC) 0.73 GBP
0.00% USD Coin (USDC) 1 USDT
0.00% USD Coin (USDC) 145.58 JPY

USDC flips Tether on the Ethereum network

01-19-2022

Circle’s USD Coin (USDC) has reached a major milestone by surpassing Tether (USDT) in total supply on the Ethereum network. USDC’s current supply on Ethereum as of writing is 40.06 billion tokens, just ahead of USDT’s supply of 39.82 billion.

 

Tether has been the most popular stablecoin since at least 2016, after originally sharing the market with BitUSD and NuBits (USNBT) stablecoins when it launched in late 2014. At that time, USDT ran on Omni. As the latter two fell into obscurity due to losing their dollar peg and shedding users, USDC emerged in 2018 as a more transparent and more regulated competitor to Tether, which has been under a cloud for years due to doubts over its backing.

 

Although USDT is still the most popular stablecoin with a total supply of 78.5 billion, nearly 50% of the supply or 38.7 billion tokens, is on the Tron network. USDT can also be found on BSC, Solana, Huobi ECO Chain, Avalanche, Polygon, and 13 other chains or layer 2 solutions. The current total supply for USDC is 45.7 tokens across 21 chains or layer-two solutions.

 

Doubts over Tether’s backing has caused its public image to decline over the years. Controversy has plagued the company over how the stablecoin is collateralized and how its reserve funds are managed.

 

The issuance of two Consolidated Reserves Reports about Tether's financial reserves from accounting firm Moore Cayman in 2021 did little to quell the doubters. In its latest financial report, Tether revealed that it holds $30.8 billion in unspecific commercial paper in addition to other assets backing USDT.

 

Circle has been more transparent about its reserves, though not to the extent some critics demand. In Aug. 2021, Coinbase President Emilie Choi said that the USDC reserves backing the second largest stablecoin in the market would shift entirely to cash and US Treasury bonds. This did indeed happen by Oct. 27 2021 according to an Independent Accountant’s Report done by Grant Thornton.

 

Coinbase is a close partner with Circle, a digital payments service, which helped launch USDC in Oct. 2018. Circle is backed by Bitmain, China Everbright Bank, and eight others.

 

It has been supportive of efforts to solidify a regulatory framework for all stablecoins. Circle CEO Jeremy Allaire supported a Nov. 2021 Biden Administration proposal to treat stablecoin issuers similarly to banks. Allaire also attended a Congressional hearing with several top crypto industry leaders in Dec. 2021 to discuss policy direction with the Financial Services Committee.

 

Centralized stablecoins USDT, USDC, and BUSD are currently the top three in their category, however decentralized stablecoin options have begun to proliferate.

TerraUSD (UST) is the fourth largest stablecoin, but is the fastest growing since Nov. 2021. Since then, it has surpassed Magic Internet Money (MIM) and DAI (DAI), and achieved a $10.7 billion market cap.

Source: Cointelegraph