- USDC flips Tether (USDT) with a 40.06 billion token supply on the Ethereum network.
- USDT is now the second-largest stablecoin on Ethereum.
According to a report, Circle’s USDC has just dethroned Tether (USDT) with a 40.06 billion tokens supply on the Ethereum network. As a result, USDT now ranks as the second-largest stablecoin in the world. However, this represents the first time in history that USDT has spotted second on the Ethereum network. Presently, USDT has a threshold value of 39.82 billion in total which is slightly near to the USDC’s 40 billion supply in the market.
Meanwhile, the controversy that USDT has been involved in over the years has contributed to its market decline lately. These issues include discussions on whether Tether is collateralized and how the company manages its reserve funds.
On the other hand, Coinbase (NASDAQ:COIN) President Emilie Choi expressed what she thinks about USDC in Q4 of 2021. She mentioned that USDC could be shifted to cash and the US Treasury bonds according to an Independent Accountant’s Report by Grant Thornton.
Nonetheless, apart from USDC and Tether, TerraUSD (UST) has also surpassed Magic Internet Money (MIM) and DAI (DAI). It has $10.7 billion as its market capitalization which ranks it as the fourth largest stablecoin in the world.
At press time, centralized stablecoins performance outweighs that of the decentralized ones in the market. Meanwhile, traders and many crypto apes strongly believe that USDT has the potential to claim its first position from USDC in the coming days.
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