Stablecoin USDC’s ERC20 Issuance Surpasses USDT’s Total Supply on Ethereum – Altcoins Bitcoin News

On Saturday, January 15, 2022, the market capitalization of all existing stablecoins was $173 billion, which is 7.93% of the $2.18 trillion crypto economy. Market valuations for stablecoin and dollar coins represent 71.84% of the value of the entire stablecoin economy. This week, the total current supply of the US dollar crossed the rope, in terms of tokens issued on the Ethereum blockchain, as USD Coin has 0.568% of the entire diluted market capitalization on the smart contract network.

USDC release on Ethereum surpasses Tether’s ERC20 offering

The current total supply of USDC on the Ethereum blockchain is over 40 billion units, which is higher than the number of tethers (USDT) on the chain. At the time of writing, according to etherscan statistics, the current supply of USDT is 39.8 billion units. While there are only 0.568% more USDC coins than the number of tethers in circulation, this is the first time that USDC has outperformed USDT in terms of issuing Ethereum.

Total USDC supply as of January 15, 2022, as measured by etherscan.io.

While Tether saw a total of 136,448,792 transfers on the ETH chain, USDC saw only 33,104,877. Basically, 312.17% more ERC20 tethers have traded than USDC tokens have been converted. Tether also holds a lot of USDT tokens across multiple blockchain networks with a total current supply of 79 billion tethers.

Total USDT supply as of January 15, 2022, as measured by etherscan.io.

USDC is also on a few different blockchains, but the majority of USDC is on Ethereum. The total current supply of USDC is 45.3 billion, which means that 5.3 billion USD is used in alternative blockchains.

Stable Coin Giants Decentralized Eclipse and Algorithmic Competitors Despite Double-Digit Monthly Growth

Each of these stablecoins are giants compared to the rest of the stablecoins out there as they dominate 71.84% of the stablecoin economy today. Over the past 24 hours, across the entire crypto economy, the total trade volume reached $78 billion. However, stablecoins account for $47.5 billion of today’s trade volume, or more than 60% of the total.

Statistics from coingecko.com’s top stablecoin by market capitalization show that Tether has increased supply by 1.8% over the past 30 days. USDC supply has increased by 8.9% over the past month. The supply of decentralized and algorithmic stablecoins has seen much larger increases over the past 30 days as UST, MIM, and FRAX have increased by multiples. Terra’s ground tank is up 22%, MIM is up 17%, and FRAX is up 46.4% over the past month.

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Altcoins, Central stablecoins, Cryptoeconomics, ERC20, ERC20 USDC, ERC20 USDT, Ether, Ethereum, Ethereum (ETH), FRAX, MIM, Stablecoin Economy, Stablecoin giants, Stablecoins, usd coin, USDC, USDC issue, USDT, issue USDT, UST

What do you think of the total current supply of USDC exceeding the current supply of pegging on the Ethereum blockchain? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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