USDC's supply on Ethereum surpasses that of rival USDT's for the first time (via Yogita_Khatri5)
USDC's supply beating USDT's on Ethereum is significant since the blockchain remains a major contributor of growth for both stablecoins. USDC and USDT are available on several blockchains, including Solana and Algorand.One of the main reasons for USDC's recent growth has been its increased usage in the decentralized finance market. Stablecoins are used for trading on decentralized exchanges and for various purposes within DeFi protocols.
USDT is different from its competitors"that rely mainly on DeFi platforms to boost their supply," Tether CTO Paolo Ardoino told The Block. USDT's demand is mainly driven by centralized exchange users and institutions, he said. Looking at the bigger picture, USDT's total supply across blockchain continues to remain higher than that of USDC's. The former's current total supply stands at over $82 billion, and the latter's stands at around $45 billion.
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