Both of the largest stablecoins utilize different blockchain platforms to issue their assets.
Besides Ethereum, U.S. Dollar Tether (USDT) works on:
USD Coin (USDC) has its tokens issued on:
Binance Smart Chain
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.