Skip to content Skip to sidebar Skip to footer
For the first time, the total supply of the USDC stablecoin on the Ethereum blockchain topped that of the USDT stablecoin. However, the overall amount of USDT across all blockchains is still more than the supply of USDC.

Keeping Track of the Current Supply

The total quantity of each stablecoin on Ethereum can be found on Etherscan, with USDT’s total supply at 39.82 billion and USDC’s total supply at 40.05 billion. The fact that USDC’s supply on Ethereum has surpassed that of USDT is considered a significant development because Ethereum is a major contributor to the rise of both stablecoins. It’s worth noting that, in addition to Ethereum, USDT and USDC are available on several other blockchains, including Algorand and Solana.

Tether’s Demand Has Slightly Declined

Tether’s CTO, Paolo Ardoino, spoke with The Block about how Tether differs from its competitors and why this might have influenced demand. Tether, he noted, is reliant on centralized exchanges and institutions to create demand, whereas other stablecoins rely on DeFi platforms to boost supply.

He said that, as a result of the recent adverse sentiment in the crypto market, demand from institutions has decreased. However, he added that individual investors, particularly from Turkey and Latin America, had increased their demand.

Across all blockchains, the supply of USDT is still increasing

While USDC has overtaken USDT on Ethereum, USDT still leads in overall supply across blockchains, with USDT’s total supply of roughly 82 billion compared to USDC’s of around 45 billion. However, it should be observed that the supply of USDC has been steadily increasing, but the supply of USDT has been stable.

Tether has put $160 million in USDT on hold

Tether reportedly froze $160 million in USDT belonging to three separate locations. Tether has frozen addresses before, with evidence indicating that the company has taken action against 563 addresses holding USDT on the Ethereum network. Tether has frozen 312 addresses in the last year alone.

Show CommentsClose Comments

Leave a comment

The leader in blockchain news, Cryptowatchlists is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Cryptowatchlists is an independent online newspaper, which concentrate in cryptocurrencies and blockchain startups.
Our Biggest Stories Delivered to Your Inbox