USDC Leaves Tether Behind In Terms Of Market Cap And Becomes First On Ethereum

There are have always been tussles recently between the top two most popular stablecoins, USD Coin (USDC) and Tether (USDT). But recently, USDC is creating a notable milestone as it out-runs Tether on the Ethereum network in terms of the total supply. Since 2016, Tether seems to be the top stablecoin, ranking the most popular. This is after its market sharing with BitUSD and NuBits (USNBT). From its launch in 2014, Tether operated on Omni. However, it later emerged in the limelight as BitUSD and NuBits lost their shedding users and dollar peg, which threw them into obscurity. Related Reading | Why The Ethereum Foundation Launched A Client Incentive Program In 2018, USDC came into view as a solid competitor for Tether. While Tether seems to be under a cover due to some uncertainties with its backing, USDC appears with more transparency and adequate regulation. The current supply of USDC and USDT on Ethereum is 40.6 billion and 39.82 billion, respectively. This now puts USD Coin ahead of Tether on the network. However, Tether still stands as the most notable stablecoin having a total supply of 78.5 billion tokens. In addition, the asset has about 38.7 million tokens on the Tron network representing almost half of its total supply. Also, Tether tokens are available on Solana, BSC, Polygon, Huobi ECO Chain, Avalanche, and other 13 Chains, as well as L2 solutions. Contributory Factors To Tether (USDT) Decline Over the years, t...