After Tuesday, when USD Coin’s daily’real volume’ on the Ethereum network doubled that of Tether’s USDT, it began to challenge Tether for the title of top stablecoin in the cryptocurrency world.
The fact that USDC’s real volume has roughly doubled that of USDT over the past 24 hours, at least on the Ethereum network, may be another indication that the top stablecoin’s dominance is waning away.
On June 21, Circle’s USDC hit $1.1 billion in daily real volume on the Ethereum network, which was double USDT’s actual volume of $579 million, according to crypto market analytics tool Messari.
Messari’s actual volume statistic, which differs from the more frequently seen “total volume” indicator, is produced by gathering data solely from exchanges that it believes have “large and legitimate crypto trading volumes.”
Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex, and those tracked on OnChainFX are among the exchanges covered in Messari’s Real Volume indicator.
USDC Supply Grows
Since reaching an all-time high on May 11, the number of Tether coins in circulation has decreased steadily, falling by about 20% from 83.1 billion to a low of 67.9 billion as of the time of writing.
On the other hand, USDC’s supply has grown by 13% to 55.9 billion since May 11. The dominance of Tether in the stablecoin market may come to an end if current trends hold.
Investor uncertainty has been exacerbated by a recent market meltdown as a result of the failure of layer-1 blockchain Terra and potential spillover effects from the collapse of crypto lending platform Celsius. In the wake, Tether redemptions have considerably increased, causing a decrease in supply.
Of course, Messari’s real volume metric does not provide a complete picture. According to CoinGecko, USDT continues to have the most daily volume across all blockchains and exchanges, at $44 billion to USDC’s $5 billion.