Circle's USDC stablecoin gobbles Tether's market share with 50B milestone
The 50 billion USDC circulating milestone has increased Circle’s share of the stablecoin market to almost 30%. The world’s second-largest stablecoin by market capitalization keeps on growing as it erodes the dominance of the current leader, Tether.The stablecoin landscape is a constantly-shifting dynamic but one trend has become clear over the past year or so — Tether’s dominance is diminishing.Its main rival, Circle, has just reached a milestone of 50 billion USDC in circulation according to CoinGecko and a Feb. 1 tweet by company co-founder and CEO, Jeremy Allaire.50 BILLION USDC (w/....
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Circle, the issuer of the stablecoin usd coin (USDC), announced that the project is now supported on the Polygon network. The stablecoin with the second-largest market capitalization can now be withdrawn via a Circle Account and Circle APIs without the need for manual cross-chain bridge technology. Circle Reveals Polygon-Supported USDC Circle has revealed that usd coin (USDC) is now hosted on the Polygon network and the addition means USDC is now available via nine different blockchain networks. Polygon is a large crypto ecosystem with more than 19,000 decentralized applications (dapps)....
Amid Tether losing market share over the past few weeks, the Circle-backed USDC stablecoin has been notably growing, with the market value surging to $55 billion. Tether (USDT), the biggest stablecoin and the third largest digital currency by market capitalization, continues losing its market value amid the current market downturn.On June 16, USDT’s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May.At the time of writing, Tether....
Tether supplies on Ethereum are dwindling as USD Coin demand grows and grows. USDC has grown much faster than Tether (USDT) in 2021 and it is emerging as the dominant stablecoin on Ethereum thanks to its popularity in DeFi according to Messari.Research by the analytics firm revealed that the demand for USD Coin has grown so much that it has consumed a large chunk of Tether’s market share this year. Researcher Ryan Watkins predicted that in the coming weeks, this could result in Tether' share of the stablecoin supply on Ethereum falling below 50%. He added that over half of the total USDC....
Circle’s share of the stablecoin market has grown to 23.5% in 2021, trailing only Tether. By going public, its “share will increase further?” Circle’s merger with Concord Acquisition Corp, a special purpose acquisition company, or SPAC, values Circle at $4.5 billion, and the combined entity is expected to debut on the New York Stock Exchange under the ticker CRCL before the end of the year.The merger/offering was generally applauded within the crypto industry. Vladimir Vishnevskiy, director and co-founder of Swiss wealth management firm St. Gotthard Fund Management AG, noted to....
The USDT-to-USDC market cap ratio fell to its lowest ever in July 2022. The growth of Circle's native stablecoin USD Coin (USDC) in the last two months compared to its $66-billion rival giant Tether (USDT) is nothing short of spectacular.USDT, USDC market cap ratio hits the lowest on recordNotably, USDC's market capitalization has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion.USDT circulating market cap. Source: MessariThis is the closest USDC....