On Saturday, January 15, 2022, the market capitalization of all the stablecoins in existence is $173 billion, which represents 7.93% of the $2.18 trillion crypto-economy. The market valuations of stablecoins tether and usd coin represent 71.84% of the entire stablecoin economy’s value. This week, the current total supply of usd coin surpassed tether, in terms of tokens issued on the Ethereum blockchain, as usd coin has a 0.568% larger fully diluted market capitalization on the smart contract network.
USDCq Issuance on Ethereum Surpasses Tether’s ERC20 Supply
The current total supply of the stablecoin usd (USDC) on the Ethereum blockchain is over 40 billion units, which is greater than the number of tether (USDT) on the chain. At the time of writing, according to Etherscan statistics, the current supply of USDT is 39.8 billion units. Although there are only 0.568% more USDC tokens than the number of tethers in circulation, this is the first time that USDC has overtaken USDT in terms of Ethereum issuance.
While tether has seen 136,448,792 transfers total on the ETH chain, USDC has only seen 33,104,877. Essentially, ERC20 tethers have been transacted with 312.17% more than USDC tokens have been transferred. Tether also has a lot more USDT tokens across multiple blockchain networks with a current total supply of 79 billion tethers.
USDC is also on a few different blockchains, but the majority of USDC resides on Ethereum. USDC has a current total supply of 45.3 billion, which means that 5.3 billion USDC is used on alternative blockchains.
Stablecoin Giants Eclipse Decentralized, Algorithmic Competitors 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.
Coincko.com’s top stablecoin stats by market capitalization show that tether has increased its supply by 1.8% in the last 30 days. USDC supply over the past month has increased by 8.9%. Decentralized and algorithmic stablecoin supplies have seen much larger increases over the past 30 days as UST, MIM, and FRAX have increased by double-digit percentages. Terra’s UST rose 22%, MIM jumped 17%, and FRAX rose 46.4% over the past month.
