USD Coin (USDC) Surpassed Tether on the Ethereum Blockchain

However, in terms of transfers, Tether appears to be a clear winner here. The latest stats reveal that Tether has witnessed a total transfer volume of 136.7 million while USD Coin has seen a little over 33 million. This essentially depicted that ERC20 USDT has been more transacted than ERC20 USDC.

Tether has carved a niche since its very inception. Despite the emergence of several stablecoins, it continues to enjoy its position as a market leader. Even today, Tether holds the lion’s share of stablecoins in circulation. At the time of writing, its market cap was found to be at $80 billion. Even though Tether’s largest market is on Ethereum, the increasing network fees have forced the stablecoin to move to other networks. Many crypto traders turned to efficient blockchains that offer less expensive transaction fees. For instance, more than 50% of the supply or

is on the Tron network. The rest is fanned out on Omni, EOS, Algorand, Solana, Liquid, and SLP blockchains.

This is all due to the recent freeze of the ethereum wallets and the incredible printing speed of the USDC

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