USDC’s total supply on Ethereum (40.06 billion tokens) has surpassed that of Tether (39.82 billion), putting USDT in second place.
Tether has been most popular since 2016, after initially competing with BitUSD and NuBits (USNBT) stablecoins when it arrived in late 2014.
USDC emerged in 2018 as a challenger to Tether, which has been dogged by suspicions about its backing for years.
USDT which operated on Omni that time remains the most popular stablecoin, with a total supply of 78.5 billion tokens, roughly half of the supply, or 38.7 billion tokens, is on the Tron network. USDT may also be found on BSC, Solana, Huobi ECO Chain, Avalanche, Polygon, and 13 additional chains.
The current total supply for USDC is 45.7 tokens across 21 chains or layer-two solutions.
The publication of two Consolidated Reserves Reports on Tether’s financial reserves by accounting firm Moore Cayman in 2021 did nothing to dispel the naysayers. Tether reported in its most recent financial report that it possesses USD 30.8 billion in unspecified corporate bonds in addition to other assets supporting USDT.
In August 2021, Coinbase President Emilie Choi stated that the USDC reserves powering the market’s second biggest stablecoin would be totally replaced by cash and US Treasury bonds.
Coinbase collaborated with Circle for the introduction of USDC in October 2018. Bitmain, China Everbright Bank, and eight other investors have invested in Circle.
Circle CEO Jeremy Allaire supports the Biden Administration plan to regulate stablecoin issuers similar to banks in November 2021. Allaire also attended a Congressional meeting with many key crypto sector executives in December 2021 to discuss legislative direction with the Financial Services Committee.
The top three centralised stablecoins are now USDT, USDC, and BUSD, however decentralised stablecoin choices are proliferating.
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