The entire quantity of the USDC stablecoin on the Ethereum blockchain has surpassed that of rival Tether for the first time (USDT).
The total supply of USDC on Ethereum is currently 39.92 billion, according to Etherscan, while the total supply of USDT on the blockchain is 39.82 billion.
USDC’s supply surpassing USDT’s on Ethereum is notable since the blockchain continues to be a primary source of growth for both stablecoins. USDC and USDT are supported on several blockchains, including Solana and Algorand.
One of the main reasons for USDC’s recent growth is its increasing use in the decentralized finance (DeFi) market. DeFi protocols employ stablecoins for a variety of applications, including trading on decentralized exchanges.