The total supply of the USDC stablecoin on the Ethereum Blockchain has surpassed the total supply of its rival Tether (USDT) for the first time in history.
According to Etherscan data, USDC’s total current supply on Ethereum reaches $39.92 billion, while the total supply of USDT stands at $39.82 billion.
As the Ethereum network represents an important growth area for both stablecoins, it can be considered a critical development for USDC to take the lead on this network. Additionally, USDC and USDT operate on a number of different blockchains, including Solana and Algorand.
One of the main reasons for USDC’s recent bullish spurt is thought to be due to the recent significant increase in popularity of the decentralized finance (DeFi) market. Stablecoins are used to trade on decentralized exchanges (DEX) and mediate different transactions on various DeFi protocols.
According to a Circle spokesperson, recent major developments in the cryptocurrency market have also contributed to the growth of USDC. “Whether the digital asset markets are bullish or bearish, interest in the USDC stablecoin has increased, especially when these moves are abrupt,” the spokesperson said.
Tether (USDT) Manager Made a Statement on the Subject!
According to the statement made by Tether CTO Paolo Ardoino, USDT has a different structure than its competitors, which are dependent on DeFi platforms. According to the Tether manager, the demand for USDT comes mostly from centralized exchange users and various institutional investors.
However, when we look at the overall picture, the total supply of USDT across all Blockchains is still well ahead of USDC. While the total supply of USDT is around $78 billion, this amount seems to be around $45 billion for USDC.