The market capitalisation of all existing stablecoins was £127 billion on January 15, accounting for 7.93% of the £1.59 trillion global crypto market cap. The combined market capitalisation of Tether (USDT) and USD Coin (USDC) accounts for 71.84% of the total value of the stablecoin economy. USD Coin’s current total supply of tokens issued on the Ethereum blockchain topped Tether this week, with USD Coin having a 0.568% bigger fully diluted market capitalisation on the network.
The total supply of USD Coin (USDC) on Ethereum is currently over 40 billion, which is more than that of Tether (USDT). According to etherscan statistics, the current supply of USDT on ETH blockchain stands at 39.8 billion at the time of writing. This is the first time USDC has hit a larger Ethereum issuance than USDT.
Tether has recorded 136,448,792 transfers on Ethereum, dwarfing USDC’s 33,104,877. In other words, ERC20 tethers have been transacted 312.17% more than USDC. A total supply of 79 billion tethers is spread across different blockchains.
USD Coin also resides on multiple blockchains, however Ethereum is where the bulk of USDC is stored. The total supply of USDC is currently 45.3 billion, which indicates that alternative blockchains host about 5.3 billion USDCs.
Both Tether and USD Coin are massive in relation to the rest of the stablecoin market, controlling 71.84% of the market today. With a trade volume of £34.7 billion, stablecoins account for more than 60% of the £57 billion in total trade volume across the global crypto market in the last 24 hours.
Tether’s supply has climbed by 1.8% in the previous 30 days, according to data from coingecko, whereas the supply of USDC has jumped by 8.9%.
UST, MIM, and FRAX all gained by double-digit percentages in the last 30 days.