USDC Supply on Ethereum Surpasses USDT . for the First Time

USDC Supply on Ethereum Surpasses USDT . for the First Time

The total supply of stablecoin USDC on the Ethereum blockchain has surpassed the supply of Tether (USDT) for the first time.

According to data from Etherscan, the current total supply of USDC on the Ethereum blockchain is 39.92 billion, while the . side USDT is 39.82 billion.

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The supply of USDC beating USDT on the Ethereum blockchain is important as Ethereum remains a major contributor to the growth of the stablecoin market. USDC and USDT have also launched on several other blockchains, including Solana and Algorand.

supply usdc

usdt supply

One of the main reasons for the recent growth of USDC is its increasing use in the decentralized financial market (DeFi).

“There are many reasons driving the growth of USDC recently. Eg USDC is used for trading on decentralized exchanges and for various purposes within the DeFi protocol,” according to The Block.

“When the market is trending up or down, both scenarios tend to generate massive incremental demand for USDC,” said a spokesperson for Circle, which manages USDC.

USDT is different from USDC. Tether CTO Paolo Ardoino said that “USDT mainly relies on DeFi platforms to drive supply,” adding that “USDT demand is driven by centralized users, institutions, and exchanges.”

But with crypto market sentiment weakening recently, demand for USDT from institutions has dropped markedly, Ardoino noted.

However, if we look at the broader picture, the total supply of USDT on blockchain platforms continues to remain higher than that of USDC. The supply of USDT has been steadily increasing for the past several months in 2021, and is far behind other stablecoins.

total stablecoin supply

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