On Saturday, January 15, 2022, the market capitalization of all stablecoins in existence is $173 billion, which is 7.93% of the $2.18 trillion crypto-economy. The market valuations of the stablecoins tether and usd coin represent 71.84% of the value of the entire stablecoin economy. This week, the current total supply of US dollar coins exceeded the milestone, in terms of tokens issued on the Ethereum blockchain, as US dollar coins have a fully diluted market capitalization of 0.568% on the smart contract network.
USDC Issuance on Ethereum Surpasses Tether’s ERC20 Supply
The current total supply of the stablecoin usd (USDC) on the Ethereum blockchain is over 40 billion units, which is greater than the number of tether (USDT) on the chain. At the time of writing, according to Etherscan statistics, the current supply of USDT is 39.8 billion units. Although there are only 0.568% more USDC tokens than the number of tethers in circulation, this is the first time that USDC has overtaken USDT in terms of Ethereum issuance.
While tether saw 136,448,792 total transfers on the ETH chain, USDC only saw 33,104,877. Essentially, ERC20 tethers were processed 312.17% more than USDC tokens were transferred. Tether also has significantly more USDT tokens across multiple blockchain networks with a current total supply of 79 billion tether.
USDC is also on a few different blockchains, but the majority of USDC resides on Ethereum. USDC has a current total supply of 45.3 billion, which means that 5.3 billion USDC is used on alternative blockchains.
Stablecoin Giants Eclipse Decentralized and Algorithmic Competitors Despite Double-Digit Monthly Growth
These two stablecoins are giants compared to the rest of the existing stablecoins, as they dominate 71.84% of the current stablecoin economy. In the last 24 hours, across the entire crypto-economy, the total trading volume was $78 billion. However, stablecoin trading accounts for $47.5 billion of current trading volume, or more than 60% of the whole.
Coincko.com’s top stablecoin stats by market capitalization show that tether has increased its supply by 1.8% in the last 30 days. USDC supply over the past month has increased by 8.9%. Decentralized and algorithmic stablecoin supplies have seen much larger increases over the past 30 days as UST, MIM, and FRAX have increased by double-digit percentages. Terra’s UST rose 22%, MIM jumped 17%, and FRAX rose 46.4% over the past month.
What do you think of the current total supply of USDC exceeding the current supply of Tether on the Ethereum blockchain? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, etherscan.io,
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