{"id":20660,"date":"2022-06-22T13:23:23","date_gmt":"2022-06-22T13:23:23","guid":{"rendered":"http:\/\/egrowonline.com\/?p=20660"},"modified":"2022-06-22T13:23:23","modified_gmt":"2022-06-22T13:23:23","slug":"usdcs-real-volume-flips-tether-on-ethereum-as-total-supply-hits-55-9b","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=20660","title":{"rendered":"USDC\u2019s \u2018real volume\u2019 flips Tether on Ethereum as total supply hits 55.9B"},"content":{"rendered":"


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USD Coin (USDC<\/a>)\u00a0is taking a run at the title of the top stablecoin in crypto after its daily \u2018real volume\u2019 on the Ethereum network doubled that of Tether\u2019s (USDT<\/a>) on Tuesday.\u00a0<\/p>\n

According to crypto market data tool Messari, Circle\u2019s USDC posted $1.1 billion in daily real volume on the Ethereum network<\/a> on Tuesday, which was double USDT\u2019s real volume of $579 million.<\/p>\n

Messari\u2019s real volume metric is calculated by compiling<\/a> data only from exchanges that it believes have \u201csignificant and legitimate crypto trading volumes” and thus differs from the more commonly seen \u201ctotal volume\u201d metric. <\/p>\n

Exchanges included in Messari’s Real Volume metric include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex and those tracked on OnChainFX.<\/p>\n

24 hr Real Volume for USDT on Ethereum. Messari<\/figcaption><\/figure>\n

USDC supply gaining ground<\/h3>\n

Tether\u2019s circulating supply has continued to fall since its all-time high on May 11, dropping nearly 20% from 83.1 billion coins in circulation to an eight-month low<\/a> of 67.9 billion as of the time of writing. <\/p>\n

USDC, on the other hand, has seen its supply increase by 13% since May 11 to 55.9 billion. If the trends continue, it could spell the end of Tether\u2019s dominance in the stablecoin space<\/a>.<\/p>\n

The collapse of layer-1 blockchain Terra and possible contagion from the fall of crypto lending platform Celsius<\/a> have caused doubt among investors, made worse by a market crash in recent weeks. Redemptions in Tether have increased significantly in the aftermath, leading to a drop in supply. <\/p>\n

Tether has been attempting to shore up confidence in its stablecoin \u2014 including stating on June 13 that the ongoing calamities in the crypto market<\/a> involving Terra and Celsius will not have any impact on its reserves. Despite this, investors appear to be migrating to USDC.<\/p>\n

USDC supply is catching up to USDT. CoinGecko<\/figcaption><\/figure>\n

Messari\u2019s real volume metric does not tell the whole story, of course. Across all blockchains and exchanges, CoinGecko shows USDT daily volume still tops the charts at $44 billion compared to USDC\u2019s $5 billion.\u00a0<\/p>\n

However, it is not known how much of the volume is due to USDT being employed in wash trading to either inflate the numbers for coins or exchanges, which is why the imperfect real volume metric was developed. <\/p>\n

Related: <\/em><\/strong>Record stablecoin market share points to crypto upside: JPMorgan<\/em><\/strong><\/a><\/p>\n

In an effort to combat<\/a> the ongoing redemptions and doubts about the composition of its reserves, Tether chief technology officer Paolo Ardoino told Euromoney on June 15 that his firm plans on getting a proper audit from a top-12 auditing firm. While he would like to have one of the top four firms perform the audit, Ardoino said, \u201cThe big four are a bit more cautious about providing a full suit when the rules are not clear,\u201d around stablecoins.<\/p>\n<\/div>\n


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USD Coin (USDC)\u00a0is taking a run at the title of the top stablecoin in crypto after its daily \u2018real volume\u2019 on the Ethereum network doubled that of Tether\u2019s (USDT) on Tuesday.\u00a0 According to crypto market data tool Messari, Circle\u2019s USDC posted $1.1 billion in daily real volume on the Ethereum network on Tuesday, which was […]<\/p>\n","protected":false},"author":1,"featured_media":20661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[9209,158,3561,259,231,364,144,2419,3638,976],"class_list":["post-20660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-559b","tag-ethereum","tag-flips","tag-hits","tag-real","tag-supply","tag-tether","tag-total","tag-usdcs","tag-volume"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNDhjNjAyYTYtZTA1ZS00MDA5LTg2OTQtOWZlZjc0ZjY0NmUyLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/20660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20660"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/20660\/revisions"}],"predecessor-version":[{"id":20662,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/20660\/revisions\/20662"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/20661"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20660"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}