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Recently reported that recently Circle’s USD stablecoin has crossed the mark of $50 billion in circulation
Stablecoin space inside the cryptocurrency market may soon see the shuffle, especially in top order. Reports stated that Circle stablecoin USD had passed circulation value of $50 billion. However, it remains the second-biggest stablecoin by market cap and total assets value.
Although it came to know already that the supply of USDC coins grew by 18% in just a month. In December 2021, the total supply of USDC coins was at $42.4, which went up to $50 billion in January 2022 only. But the actual data is even more than that.
The official website of Circle shows that there are around 53.3 billion USDC coins in circulation.
This is a leap of almost 100% by the USDC stablecoin in the last six months of 2021. During the same period, Tether, stablecoin grew only by 25%.
USDT, the top runner stablecoin and third-largest cryptocurrency by market cap has more than 79 billion coins. On the other hand, USDC stands just after Tether when it comes to stablecoins and holds the fifth position in market capitalization. The total current supply of USDC coins is more than 53 billion.
With this comparison, Tether seems way ahead of USDC in terms of market capital and total valuation. But looking at the growth of both the stablecoins over the same time period, it can be easily estimated who will ultimately win the race.
Observing the analysis, you will know that USDC was at $4.1 billion of market cap at the beginning of 2021, which grew by the outstanding pace and grew up to $42.56 billion by 2022. This is the growth of almost a staggering 1000%.
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On the Ethereum network, Circle USD has already beaten Tether in terms of total coins. As Etherscan showed, USDC got 39.92 billion total coin supply on Ethereum blockchain in January, which overtook USDT’s entire supply of 39.82 billion coins.