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The USD Coin (USDC) supply has exceeded $10 billion for the first time, reaching 1/4th of Tether’s supply by market cap.

In Brief

  • USDC surpassed the $10 billion landmark.
  • USDT remains the most widely used stablecoin by marketcap.
  • USDC is mostly used in North American timezones while USDT dominates the Asia Pacific.

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USDC is the second largest stablecoin by market cap, coming in at $10.7 billion at the time of writing. In addition to Ethereum, USDC also runs on Algorand, Solana and Stellar blockchains and is competing with USD Tether (USDT), which stands at a $40.6 billion in total supply.

1-year aggregated stablecoin market cap. Source: Messari
1-year aggregated stablecoin market cap. Source: Messari

In aggregate, the total stablecoin circulating supply stands at $60 billion, a 6-fold increase since this time last year.

Tether remains the largest stablecoin by supply, per data from CoinGecko.

Top stablecoins by market cap. Source: Coingecko
Top stablecoins by market cap. Source: Coingecko

At the time of publishing, USDC currently holds around 17.7% of the total US-Dollar stablecoin supply, compared to USDT’s 70%.

A recent stablecoin research report by the Block shows that CENTRE, a consortium founded between Coinbase and Circle, first issued USDC in September 2018, with an additional $45 million in funding secured to further develop the project.

By and large, USDC is used in North American timezones, while Tether continues to dominate the Asia-Pacific region.


In February,  Bitfinex  and Tether settled a long-standing 2-year dispute with the  New York Attorney General’s office (NYAG) for $18.5 million, ameliorating concerns over the number one USD Stablecoin, Tether.

Separately, Coinbase settled a dispute with the  Commodity Futures Trading Commission (CFTC) due to allegedly providing misleading information about its trading volumes to customers. The company admitted no fault and paid $6.5 million in fees.


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