Since the total supply of USDC reaches 55,9 billion, the stablecoin has managed to catch up with Tether on the Ethereum blockchain.
Over the past 24 hours, the volume of USDC has almost doubled against USDT, which may be another sign that Tether’s dominance is slowly coming to an end.
According to a report by Messari, Circle’s USDC reached a daily volume of $1.1 billion on the Ethereum network on June 21, which was twice the real volume of USDT of $579 million.
Messari’s real volume metric is calculated by compiling stock market data that the company believes has significant and legitimate crypto trading volumes, making it different from the more commonly used total volume metric.
The exchanges that Messaris includes include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex and OnChainFX.
Tether’s outstanding supply has continued to decline since its all-time high on May 11, dropping nearly 20% from $83.1 billion to an eight-month low of $67.9 billion.
USDC achieved a 13% increase in supply to 55.9 billion on May 11. If these trends continue, this could mean the end of Tether’s dominance in the stablecoin space.
The collapse of Terra and a possible break of Celsius have raised doubts among investors, made worse by a market crash in recent weeks. Withdrawals of USDT have increased significantly, which has led to a decrease in supply.
In a statement on June 13, Tether tried to strengthen trust. It was written that the ongoing problems with Terra and Celsius will not affect the USDT reserves. Still, some investors seem to be moving away from it.
However, the real volume metric of Messari is not the whole story. Across all blockchains and exchanges, CoinGecko shows that USDT’s daily volume is still number one at $44 billion, compared to USDC’s $5 billion.
However, it is not known how much of the volume is due to the fact that USDT is used for wash trading to either inflate the numbers for coins or exchanges, which is why the imperfect real volume metric was developed.
Tether’s CTO, Paolo Ardoino, told Euromoney on June 15 that Tether plans to get a proper audit from a top 12 accounting firm. The top four are a little more cautious, as he said:
“The big four are a little more cautious when it comes to offering a full suit when the rules are not clear.”