USD Coin (USDC) has surpassed Tether (USDT) in total supply on the Ethereum blockchain. USDC has a total supply of $40.3 billion on Ethereum, while USDT has a total supply of $39.8 billion.
USD Coin (USDC) has overtaken Tether (USDT) in total supply on the Ethereum blockchain. The total supply of USDC is $40.3 billion, while the total supply of USDT on Ethereum is $39.8 billion. Unlike USDT, most of the USDC supply is on the Ethereum blockchain.
USDT still has an overall greater total supply, of roughly $78.5 billion, with the token present on several other networks, including Algorand, BSC, EOS, and TRON. Tether’s large supply has been a point of contention in the crypto community, as there is controversy surrounding its backing of its large supply.
USDT is the most popular stablecoin in the market, despite this controversy. Market enthusiasts were hoping for a full audit of its reserve, and this problem has been going on for years. Tether has also drawn the attention of regulators for its operations and been the subject of multiple lawsuits, leading the stablecoin to commit to working with lawmakers around the world.
USDC issuer Circle, meanwhile, has been working on being more compliant with regulation. The company announced that it would be more transparent and adhere to accountability standards in 2021. USDC has also been on the SEC’s radar, with the regulator subpoenaing Circle in Oct. 2021.
Stablecoins are surely a hot priority for regulators in 2022
Regardless of the stablecoin, regulators are looking into the niche lest it interfere with the sovereignty of national currencies. Stablecoins have been repeatedly presented as a circle by US regulators and global bodies. The CPFB director also revealed that the stablecoin is part of a large tech probe, proving how much of a problem they are perceived to be.
In some slightly optimistic news, the Federal Chairman has said that stablecoins could co-exist with Central Bank Digital Currencies (CBDCs). The regulation of the digital assets will nonetheless remain a hot topic until lawmakers find a way for them to co-exist.
Outside the United States, G20 leaders have also called for stable pre-approval coin regulations. All of these developments point to incoming regulation on stablecoins, which overall could benefit the market.
