The token of Circle has reached quite a major milestone by surpassing Tether in total supply on the network of Ethereum. The current supply of USDC currently stands at 40.06 billion tokens, just ahead of the supply of USDT which stands at 39.82 billion. Tether, interestingly, has been the most popular stable coin since its inception in 2016, after it originally shared the market with NuBits and BitUSD stable coins when it launched in 2014. At that particular time, USDT ran on Omni.
Ethereum Has Taken Up The Reins Of Tether
As the latter two fell into a semblance of obscurity due to losing their dollar peg and shedding most users, USDC did emerge in 2018 as a more transparent ad a more regulated competitor to Tether, which has been under a cloud for a few years due to doubts over its backing.
Although USDT is still the most popular stable coin with a total supply of 78.5 billion, which is nearly 50% of the supply of 38.7 billion tokens, which is on the network of Tron. USDT will also be found on Solana, BSC, Huobi ECO Chain, Avalanche, Polygon at the layer 2 solutions which would be set up at Ethereum. The current total supply for USDC is 45.7 billion tokens across 21 chains or layer-two solutions.
The issuance of two Consolidated Reserves Reports about the financial reserves of Tether from the accounting firm Moore Cayman in 2021 did little to quell the doubters of Tether, along with it being placed in Ethereum. In its latest financial report, Tether went on to reveal that it had been holding around $30.8 billion in unspecific commercial paper in addition to a few other assets that had been backing USDT.
Coinbase is quite a close partner of Circle, which is a digital payments service- which did help in the launching of the USDC in Oct. 2018. And with the presence of Tether in Ethereum, it is sure to be developing in its own right.