Is a flip on the cards as USDC crosses $50B milestone, quickly catching up to USDT
Stablecoins, or dollar-pegged crypto assets,comprised around 9.7% of the total crypto market capitalization with a combined market cap of more than $177 billion. That number surged more than 420% since the same time last year. Tether (USDT) was the dominant force in stablecoins for the past few years. USDT commanded a comfortable 75% market share in 2021- however, competitors were on a rise in 2021. Tether’s closest rival Circle’s USD Coin made headlines.
Coinbase-backed USDC reported massive gains last year to become the second-most used stablecoin in the market. The same narrative still stands.
Circle’s USD Coin (USDC) just surpassed a milestone of 50 billion USDC in circulation. Co-founder and CEO, Jeremy Allaire had shared the same on Twitter alongside a series of tweets.
<p lang=«en» dir=«ltr» xml:lang=«en»>50 BILLION USDC (w/ thread below) pic.twitter.com/5FEaPmXjup— Jeremy Allaire (@jerallaire) February 1, 2022
The massive growth and ecosystem around it portrayed the “broader story.” He added that USDC witnessed 10,000% growth over the past two years. Nearly $2.5 Trillion in on-chain transactions and 4.6 million active wallet addresses in 2021 alone. At the time of writing, USDC ran on eight different blockchains, was supported by 200 protocols, and could be traded in 180 countries on 34 exchanges.
Further, he pointed at the following:
<p lang=«en» dir=«ltr» xml:lang=«en»>11/ If you ever wondered whether the US and US Dollar were winning the digital currency space race, well now you have the answer.— Jeremy Allaire (@jerallaire) February 1, 2022
Nonetheless, Tether (USDT) took the first spot despite some regulatory hiccups in the past. USDT’s circulating supply stood just shy of the $78Billion mark. Ergo, commanded
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