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USDC Surpasses Tether With Over 40 Billion Token Supply on ETH Network -Breaking

by Mike Robinson

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USDC Overtakes Tether, With More Than 40 Billion Tokens on ETH Network
  • USDC flips USDT (USDT), with a 40.06 Billion token supply.
  • USDT now ranks second on Ethereum as the most stablecoin.

According to a report, Circle’s USDC has just dethroned Tether (USDT) with a 40.06 billion tokens supply on the Ethereum network. USDT is now the 2nd-largest stablecoin worldwide. It is also the first time that USDT has been placed second on Ethereum. 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.

Recent market declines have been caused by the USDT controversy over the years. This includes discussions about whether Tether can be collateralized or how it manages its reserves funds.

Coinbase (NASDAQ) President Emilie Chui, on the other hand, shared her thoughts about USDC during Q4 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.

Despite that, TerraUSD has also surpassed Magic Internet Money and DAI (DAI) in terms of market capitalization. The fourth-largest stablecoin worldwide, it has $10.7 billion in market capitalization.

As of press time, the performance of centralized stablecoins outweighs those of decentralized ones on the market. Many crypto-apes and traders believe USDT will soon take USDC’s first place.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.

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