Circle's USDC stablecoin gobbles Tether's market share with 50B milestone

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Watch your back, Tether. The world's second-largest stablecoin by market capitalization keeps on growing as it erodes the dominance of the current leader, Tether.

Allaire said that while this is a massive number, “it's the massive growth and ecosystem around it that tells the broader story.” He added that USDC has seen 10,000% growth over the past two years.

The total stablecoin supply currently stands at $177 billion, equating to around 9.7% of the total crypto market capitalization. Tether commands around 45% of that total, whereas Circle now takes a 29% share as the gap between them closes. For reference, this time last year Tether had a dominance of 74% with Circle taking just 16% of the stablecoin pie.

Circle’s stablecoin market capitalization expanded by 987% in 2021 according to CoinGecko. Comparatively, Tether’s supply saw less than a third of that growth with 275% over the same period. According to the Circle CEO, the stablecoin network saw $2.5 trillion in on-chain transactions and 4.6 million active wallet addresses in 2021 alone. USDC runs on eight different blockchains, is supported by 200 protocols, and can be traded in 180 countries on 34 exchanges. Tether is still the dominant force in the stablecoin ecosystem, but the Goldman Sachs-backed digital payment company Circle is closing in fast.

 

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Who can be bothered by this? It's just a stablecoin.

Tether has held positions for years, and now it's growing more slowly only because of the appearance of competitors. People's opinions are divided, but USDT will still be the head of the stablecoin market. This is already an experienced structure, it seems to me

Everything can happen but tether is first largest stablecoin for a reason

As SEC said USDC is used for laundering money. USDC is better than Tether? No way!

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FRAUD⚡USDT

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