In A First, USDC’s Total Supply On Ethereum Crosses That Of Rival USDT

The USDC stablecoin’s total supply on the Ethereum blockchain surpassed that of the USDT stablecoin for the first time. However, the total USDT supply across blockchains still remains greater than that of USDC. 

Tracking The Current Supply 

A quick glance at Etherscan will show the total supply of each stablecoin on Ethereum, with USDT’s total supply at 39.82 billion and USDC’s total supply at 40.05 billion. USDC’s supply surpassing that of USDT’s on Ethereum is seen as a significant development primarily because Ethereum is a significant contributor when it comes to the growth of both stablecoins. It is important to remember that apart from Ethereum, USDT and USDC are available on several other blockchains such as Algorand and Solana. 

Tether Sees A Marginal Fall In Demand 

Speaking with The Block, Paolo Ardoino, the CTO of Tether, explained how Tether is different from its competitors and why that could have had an impact on demand. He explained that while other stablecoins rely on DeFi platforms to boost supply, Tether is dependent on centralized exchanges and institutions to drive demand. 

He went on to say that with the recent bearish sentiment prevailing in the crypto market, there has been a decrease in demand from institutions. However, he stated that there had been a growing demand from retail investors, especially from Turkey and Latin America. 

USDT Supply Still Higher Across Blockchains 

While USDC may have surpassed USDT on Ethereum, USDT is still leading when it comes to total supply across blockchains, with USDT’s total supply at around 82 billion, while USDC’s supply is around 45 billion. However, it must be noted that USDC has been seeing a consistent increase in its supply, while USDT’s supply has remained stagnant. 

Tether Freezes $160 Million Of USDT 

Tether had recently frozen $160 million worth of USDT belonging to three different addresses. This is not the first time that Tether has frozen addresses, with data showing that Tether has initiated action against 563 addresses holding its USDT on the Ethereum blockchain. In the past year alone, Tether has frozen 312 addresses. Explaining the move, a Tether spokesperson had stated, 

“Through the freezing of addresses, Tether has been able to help recover funds stolen by hackers or are compromised.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.