The USDC Flips USDT Stablecoin on Ethereum After Solana

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 ALSOTerra 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


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