For the first time, the total supply of USDC held on ETH addresses exceeded USDT.
As of this writing, the current total supply of USDC on Ethereum stands at 40.17 billion whereas USDT’s total supply on the blockchain stands at 39.82 billion, according to Etherscan.
USDT and USDC are the two largest stablecoins:
- USDT’s cap is equal to $78 billion
- USDC’s liabilities total $45 billion
as of early Q1, 2022.
- Binance USD (BUSD) is the third largest stablecoin with a $14 billion capitalization
- Terra USD (UST) is the largest decentralized (algorithmically controlled) stablecoin with a $10 billion market cap
______________________________________________________________________
SEE ALSO: Terra UST Stablecoin Hits $10 Billion Market Cap – Gains Over 12,000% in 2021 Alone
______________________________________________________________________
Both of the largest stablecoins utilize different blockchain platforms to issue their assets.
Besides Ethereum, U.S. Dollar Tether (USDT) works on:
- Tron
- Omni
- Liquid
- Solana
- Algorand
- SLP
- EOS
USD Coin (USDC) has its tokens issued on:
- Ethereum
- Solana
- Tron
- Binance Smart Chain
- Fantom
Solana became the first blockchain to witness USDC-over-USDT flippening.
Looking at the bigger picture, USDT’s total supply across blockchains continues to remain higher than that of USDC’s. The former’s current total supply stands at over 82 billion while the latter stands at around 45 billion.
Tether has recently been increasingly freezing user funds.
In the second week of January 2022, the stablecoin issuer was reported to have blocked three Ethereum addresses holding over $160 million worth of USDT. This came after freezing $1.09 million worth of USDT in December 2021. When frozen, the the accounts are not able to move funds.
Tether, which issues tokens on several blockchains, began blacklisting addresses following a November 2017 breach in which the firm said $30 million of USDT was stolen. Tether has said in the past that it regularly works with regulators to supervise suspicious accounts.
In total, Tether has blacklisted 563 addresses on the Ethereum blockchain since November 2017, according to the Bloxy block explorer.
______________________________________________________________________
RECOMMENDED READING: How Stablecoins Hedge Against Market Volatility
______________________________________________________________________
Thank you for your support by helping us create content:
BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT
ERC20 Address: 0xBc11cFa590C6CC465248D77d399C3106B881cC0E
SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb
____________________________________________________________________
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
_____________________
Subscribe to our YouTube channel below for more updates:
_____________________________________________________________
