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.

Want to acquire Bitcoin, Ethereum and other crypto? Start here

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.

Subscribe to the semi-weekly newsletter for regular insight into bitcoin and crypto. Go on. It’s free.

Join the telegram channel for updates, charts, ideas and deals.

Did you like the article? Share it!