The historic USDC/USDT reversal was spotted yesterday by Nansen’s analytical tools
Tether Limited’s U.S. Dollar Tether (USDT), the largest stablecoin in the Web3 segment, has been dethroned by its major competitor on Ethereum (ETH).
Flippening confirmed: there is more USDC on Ethereum than USDT
According to a tweet shared by Alex Svanevik, CEO and founder of leading on-chain analytics team Nansen, the Ethereum-based version of Circle’s USD coin has surpassed US Dollar Tether on Ethereum (ETH) in market capitalization.
Right now, according to Etherscan, there are 40,055,012,440.27955 USDC on Ethereum. Tether’s ERC-20 version has a market cap of 39,828,710,009.874796 USDT.
USDT and USDC are the two largest stablecoins: USDT’s cap equals $78 billion while USDC’s liabilities total $45 billion at the start of Q1 2022.
Binance USD (BUSD) is the third largest stablecoin with a $14 billion capitalization. Terra USD (UST) is the largest decentralized (algorithmically controlled) stablecoin with a $10 billion market cap.
USDC’s market capitalization has increased 10 times in one year
In 2021, USD Coin (USDC) from Jeremy Allaire’s Circle cemented its status as the fastest growing stablecoin. It entered 2021 with a capitalization of around $4 billion.
Both of the largest stablecoins utilize different blockchain platforms to issue their assets. Besides Ethereum, U.S. Dollar Tether (USDT) works on Tron, Omni, Liquid, Solana, Algorand, SLP and EOS.
USD Coin (USDC) has its tokens issued on Ethereum, Solana, Tron, Binance Smart Chain, and Fantom. Solana became the first blockchain to witness the switch from USDC to USDT.
