Circle’s USDC And Tether Affected By FTX Mayhem? CEOs Deny Rumors
Amidst the mayhem surrounding FTX and the Binance deal, there are currently numerous rumors circulating about possible contagion effects. If the takeover by Binance does not materialize, effects similar to the demise of Celsius and Terra Luna could loom. At that time, other well-known companies such as Three Arrows Capital were brought down or, as […]
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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/....
USD Coin continues to capture stablecoin market share, with Tether’s stable token dominance falling below 75% for the first time ever. The sands are shifting in the stablecoin ecosystem, with Circle’s USD Coin quickly eating into the dominance of the sector’s leader, Tether.According to a Feb. 1 report from Glassnode, the amount of USDC on exchanges increased by more than 112% in January alone, growing from $431 million to over $915 million. Since the beginning of the year, roughly $1 billion worth of new USDC has been minted — of which more than 90% has been sent to centralized exchanges.....
The stablecoin market continues to grow and diversify: Circle's USDC, Tether's USDT and Terra's UST all made headlines this week. Stablecoins used to be a sort of taboo subject in the crypto community after it became common practice to criticize Tether’s reserve backing. Are you really a seasoned crypto investor if you haven’t gone down the Tether (USDT) rabbit hole? Some of those concerns were finally quelled in May 2021 when Tether passed an assurance test by disclosing its reserves for the first time. For some onlookers, the reserve breakdown created more questions than answers due to....
The total supply for USDC on Ethereum has surpassed that of Tether, putting USDT in second place on Ethereum for the first time. Circle’s USD Coin (USDC) has reached a major milestone by surpassing Tether (USDT) in total supply on the Ethereum network.USDC’s current supply on Ethereum as of writing is 40.06 billion tokens, just ahead of USDT’s supply of 39.82 billion. Tether has been the most popular stablecoin since at least 2016, after originally sharing the market with BitUSD and NuBits (USNBT) stablecoins when it launched in late 2014. At that time, USDT ran on Omni. As the latter two....
Tether (USDT) now has an advantage over USD Coin (USDC). As a result, Circle’s dollar-pegged stablecoin, USDC, lost one of its largest leveraging stances to its main competitor, USDT. Coinbase, one of the prominent players in crypto exchange, has made a crucial change on the USD Coin page. The crypto exchange placed the change on its website. Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps This was in response to an audit that exposed that a few USDC’s reserves were not held in cash. The audit discovery contradicts the statement that every USDC has a....