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Circle’s USD Coin (USDC) has surpassed Tether (USDT) in total supply on the Ethereum network, reaching a major milestone.
USD/USDAt press time, Ethereum currently has a supply of 40.06 billion tokens, just ahead of USDTThe supply is 39.82 billion.
Tether has been the most popular stablecoin since at least 2016, initially sharing the market with the BitUSD and NuBits (USNBT) stablecoins when it launched in late 2014. At the time, USDT was running on Omni. As the latter two fell into obscurity due to the loss of their dollar peg and the loss of users, USD/USD Emerging in 2018 as a more transparent and regulated competitor to Tether, Tether has been under a dark cloud for years due to doubts about its support.
Although USDT Still the most popular stablecoin with a total supply of 78.5 billion, close to 50% of the supply or 38.7 billion tokens, in create The internet. 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 of USDC is 45.7 tokens, spanning 21 chains or layer 2 solutions.
Over the years, doubts about Tether’s support have led to a decline in its public image.Controversy has plagued how the company Stablecoins are collateralized and how it is management reserve.
Issue two comprehensive reserves Report on Tether’s Financial Reserves Accounting firm Moore Cayman has done little to quell doubters in 2021. In its latest financial report, Tether revealed that it holds $30.8 billion in unspecified commercial paper, in addition to other assets backing USDT.
Circle’s reserves are more transparent, albeit not to the degree some critics demand. In August 2021, Coinbase President Emilie Choi stated that the USDC reserves backing the second-largest stablecoin in the market will be full shift to cash and U.S. Treasuries.This did happen on October 27, 2021, according to the independent accountant’s report Grant Thornton.
Coinbase is a close partner of digital payments service Circle, which helps emission USDC in October 2018. Circle is backed by Bitmain, China Everbright Bank and eight other companies.
It has been supporting efforts to consolidate the regulatory framework for all stablecoins. Circle CEO Jeremy Allaire Support A proposal from the Biden administration in November 2021 would treat stablecoin issuers like banks.Allaire also Attend congressional hearings Discuss policy direction with the Financial Services Commission in December 2021 with several top crypto industry leaders.
Centralized stablecoins USDT, USDC, and BUSD are currently the top three of their kind, but decentralized stablecoin options have begun to proliferate.
related: Hong Kong Monetary Authority aims to regulate stablecoin reserves
TerraUSD (UST) is the fourth largest stablecoin, but also the fastest growing since November 2021. Since then, it has surpassed Magic Internet Money (MIM) and DAI (DAI) to reach a market cap of $10.7 billion.
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