The total supply of stablecoin USD Coin (USDC) from the Center consortium on the Ethereum blockchain has surpassed Tether (USDT) for the first time.
According to Etherscan, more than 40 billion USDC tokens have currently been issued on the network of the second largest cryptocurrency by capitalization. The value of its competitor amounts to as much as 39.83 billion USDT.
The USDT stablecoin is available on eight networks: Ethereum, Tron, EOS, Liquid Network, Algorand, Simple Ledger Protocol (SLP), Omni, Solana and Avalanche. For its part, USDC is available on seven blockchains: Ethereum, Algorand, Solana, Stellar, Tron, Hedera Hashgraph and Avalanche.
Notably, in both assets the dominant network is Ethereum.
A spokesperson for Circle has cited in statements to The Block the widespread use of USDC in the DeFi sector as one of the main reasons for its growth. He has also noted the increase in supply in Ethereum has been affected by significant market movements seen over the past few months.
According to Tether’s CTO Paolo Ardoino, in the context of growing supply, USDT, unlike its competitors, is not as dependent on the DeFi sector. He explained that the demand for the asset is mainly due to its popularity among institutional investors and users of centralized platforms.