Tether Limited's U.S. Dollar Tether (USDT), the largest stablecoin in the Web3 segment, has been dethroned by its major competitor on Ethereum (ETH).
Flippening confirmed: there are more USDC on Ethereum than USDT
As per a tweet shared by Alex Svanevik, CEO and founder of leading on-chain analytical team Nansen, the Ethereum-based version of Circle's USD Coin surpassed U.S. Dollar Tether on Ethereum (ETH) in market capitalization.
USDC flipped USDT on Ethereum pic.twitter.com/44qMU4qaEX— Alex Svanevik (@ASvanevik) January 15, 2022
Right now, according to Etherscan, there are 40,055,012,440.27955 USDC on Ethereum. Tether's ERC-20 version has a market cap of 39,828,710,009.874796 USDT.
USDT and USDC are the two largest stablecoins: USDT's cap is equal to $78 billion while USDC's liabilities total $45 billion as of early Q1, 2022.
Binance USD (BUSD) is the third largest stablecoin with a $14 billion capitalization. Terra USD (UST) is the largest decentralized (algorithmically controlled) stablecoin with a $10 billion market cap.
USDC market capitalization rocketed 10x in one year
In 2021, USD Coin (USDC) by Jeremy Allaire's Circle cemented its status as the fastest-growing stablecoin. It entered 2021 with a capitalization of about $4 billion.
Both of the largest stablecoins utilize different blockchain platforms to issue their assets. Besides Ethereum, U.S. Dollar Tether (USDT) works on Tron, Omni, Liquid, Solana, Algorand, SLP and EOS.
USD Coin (USDC) has its tokens issued on Ethereum, Solana, Tron, Binance Smart Chain and Fantom. Solana became the first blockchain to witness USDC-over-USDT flippening.