USDT has surpassed Ethereum-based USDT by the number of transactions
Circle’s USD Coin (USDC) stablecoin has overtaken Tether’s USDT by the number of daily transactions on the Ethereum blockchain, according to data shared by on-chain data hub CEO Alex Svanevik Nansen.
It should be noted that there’s more USDT tokens on Tron than on Ethereum since the former is significantly cheaper.
Circle’s dollar-pegged stablecoin has yet to topple USDT by market capitalization. The two cryptocurrencies are currently valued at $67.8 billion and $55.5 billion, respectively. However, it should be noted that USDT has been steadily losing market share after a series of redemptions over the past few weeks.
USDT also has a significant lead in daily trading volume over USDC ($55 billion and $5.7 billion, respectively) as it remains the lifeblood of the cryptocurrency economy.
Tether said it had “no exposure” to beleaguered cryptocurrency firm Celsius earlier this week. The company also refuted “false” rumors about holding Chinese commercial papers which are trading at a massive discount.
In a recent interview with The New York Times, Tether CTO Paolo Ardoino said that the company would be willing to redeem its tokens “to the last cent.”
USDT came under pressure in May following the collapse of TerraUSD (UST), which was the largest algorithmic stablecoin, briefly losing its peg.
Due to pressure from lawmakers, regulators, economists, and naysayers within the industry, USDT remains vulnerable, which benefits rival USDC.
Other stablecoins are also vying for a bigger share of the market. Binance USD (BUSD), the stablecoin of cryptocurrency giant Binance.
