Skip to main content

Stablecoin USDC’s ERC20 Issuance Surpasses USDT’s Total Supply on Ethereum

On Saturday, January 15, 2022, the market capitalization of all the stablecoins in existence is $173 billion, which represents 7.93% of the $2.18 trillion crypto-economy. The market valuations of stablecoins tether and usd coin represent 71.84% of the entire stablecoin economy’s value. This week, the current total supply of usd coin surpassed tether, in terms of tokens issued on the Ethereum blockchain, as usd coin has a 0.568% larger fully diluted market capitalization on the smart contract network.

USDC Issuance on Ethereum Surpasses Tether’s ERC20 Supply

The current total supply of the stablecoin usd coin (USDC) on the Ethereum blockchain is over 40 billion units, which is higher 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. While there’s only 0.568% more USDC tokens than the number of tethers in circulation, it’s the first time USDC has overtaken USDT in terms of Ethereum issuance.

While tether has seen 136,448,792 transfers total on the ETH chain, USDC has only seen 33,104,877. Essentially, ERC20 tethers have been transacted with 312.17% more than USDC tokens have been transferred. Tether also has a lot more USDT tokens across multiple blockchain networks with a current total supply of 79 billion tethers.

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 5.3 billion USDCs are used on alternative blockchains.

Stablecoin Giants Eclipse Decentralized, Algorithmic Competitors Despite Double-Digit Monthly Growth

Both of these stablecoins are giants in comparison to the rest of the stablecoins in existence as they dominate 71.84% of today’s stablecoin economy. During the last 24 hours, across the entire crypto-economy, there’s been $78 billion in total trade volume. However, stablecoin trades represent $47.5 billion of today’s trade volume or more than 60% of the aggregate.

Statistics from coingecko.com’s top stablecoin by market capitalization indicate that tether has increased its supply by 1.8% during the last 30 days. USDC’s supply over the last month has increased by 8.9%. Decentralized and algorithmic stablecoin supplies have seen much larger increases during the last 30 days as UST, MIM, and FRAX increased by double-digit percentages. Terra’s UST increased 22%, MIM jumped 17%, and FRAX increased by 46.4% over the last month.

What do you think about the current total supply of USDC surpassing tether’s current supply on the Ethereum blockchain? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/322dSE5
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more