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On Saturday, January 15, 2022, the market cap of all existing stablecoins was $173 billion, or 7.93% of the $2.18 trillion crypto economy. The market valuation of stablecoins Tether and USD coin accounts for 71.84% of the economic value of the entire stablecoin. This week, in terms of tokens issued on the Ethereum blockchain, the total supply of USD Coin currently exceeds that of Tether, as the fully diluted market cap of USD Coin on the smart contract network has increased by 0.568%.
USDC issuance on Ethereum exceeds Tether’s ERC20 supply
The current total supply of the stablecoin USDC (USDC) on the Ethereum blockchain has ended 40 billion units, which is higher than the number of tethers (USDT) on-chain.As of this writing, according to Ether Scan Statistics, the current supply USDT It is 39.8 billion units.Although the number of USDC tokens is only 0.568% more than the number of Tethers in circulation, this is the first time that USDC has surpassed USDT In terms of ethereum issuance.
Although Tether is Ethereum On-chain, USDC only saw 33,104,877. Essentially, ERC20 tethers traded 312.17% more than USDC tokens. Tether and many more USDT A token across multiple blockchain networks, with a current total supply of 79 billion Tether.
USDC is also on several different blockchains, but most of the USDC resides on Ethereum. The current total supply of USDC is 45.3 billion, which means there is 5.3 billion USDC for alternative blockchains.
Stablecoin giant eclipses decentralized algorithmic rival despite double-digit monthly growth
Compared to other stablecoins in existence, these two stablecoins are giants as they make up 71.84% of the stablecoin economy today. Over the past 24 hours, the total transaction volume across the crypto-economy reached $78 billion. However, stablecoin transactions account for $47.5 billion in today’s volume, or more than 60% of the total.
Statistics from coingecko.com’s top stablecoins by market cap show that Tether’s supply has increased by 1.8% over the past 30 days. The supply of USDC increased by 8.9% last month. The supply of decentralized and algorithmic stablecoins has grown even more over the past 30 days as UST, MIM, and FRAX have grown by double-digit percentages. Terra’s UST was up 22%, MIM was up 17%, and FRAX was up 46.4%.
What do you think of the current total supply of USDC exceeding the current supply of Tether on the Ethereum blockchain? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, etherscan.io,
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