The market capitalization for all stablecoins is $173 Billion on Saturday, January 15th 2022. This represents 7.93% from the total $2.18 Trillion crypto-economy. The market valuations of stablecoins tether and usd coin represent 71.84% of the entire stablecoin economy’s value. The current total supply for usd coin outnumbered tether in tokens, according to the Ethereum blockchain. Usd coin’s fully diluted market capitalization is 0.568% higher on the smart contract network.
USDC Issuance on Ethereum Surpasses Tether’s ERC20 Supply
There is currently a total supply of over 40 million units of stablecoin USDC (USDC) on Ethereum. This is more than the amount of tethers (USDT). According to etherscan statistics at the time of writing the USDT supply is currently 39.8 billion units. While there’s only 0.568% more USDC tokens than the number of tethers in circulation, it’s the first time USDC has overtaken USDT in terms of Ethereum issuance.
USDC only has 33,104,877 transactions, while tether saw 136,448,792 transfer totals on the ETH network. ERC20 Tethers have seen 312.17% more transactions than USDC tokens. The current total supply for Tether is 79 billion USDT tokens.
USDC can also be found on several other blockchains but most USDC is on Ethereum. USDC’s current supply totals 45.3 Billion, so 5.3 Billion USDCs could be found on alternate blockchains.
Stablecoin Giants Decentralize, Algorithmic Competitors Still Despite Double Digit Monthly Growth
Both of these stablecoins are giants in comparison to the rest of the stablecoins in existence as they dominate 71.84% of today’s stablecoin economy. During the last 24 hours, across the entire crypto-economy, there’s been $78 billion in total trade volume. However, stablecoin trades represent $47.5 billion of today’s trade volume or more than 60% of the aggregate.
Statistics from coingecko.com’s top stablecoin by market capitalization indicate that tether has increased its supply by 1.8% during the last 30 days. USDC’s supply over the last month has increased by 8.9%. The supply of algorithmic and decentralized stablecoins has seen much greater increases over the past 30 days, with UST, MIM and FRAX increasing by double-digit percentages. Terra’s UST increased 22%, MIM jumped 17%, and FRAX increased by 46.4% over the last month.
What do you think about the current total supply of USDC surpassing tether’s current supply on the Ethereum blockchain? Comment below and let us know how you feel about the subject.
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