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Meghna Das Chowdhury
Feb 1, 2022
by Meghna Das Chowdhury

With the 50B Milestone, Circle's USDC Stablecoin Gulps Down Tether's Market Share

Circle crossed 50B USDC mark
The world's second-largest stablecoin by market capitalization continues to grow as it erodes Tether's dominance. The stablecoin landscape is ever-changing, but one trend has emerged in the last year or so: Tether's dominance is waning. Circle, its main competitor, has just passed the 50 billion USDC mark in circulation, according to a tweet by company co-founder and CEO, Jeremy Allaire.

"It's the tremendous growth and ecology around it that tells the broader storey," Allaire said, adding that while this is a large number, "it's the massive growth and environment around it that tells the larger storey." USDC has grown 10,000%  in the last two years, according to him.

The entire supply of stablecoins is approximately $177 billion, accounting for roughly 9.7% of the overall crypto market capitalization. As the distance between them decreases, Tether now controls roughly 45% of that total, while Circle currently controls 29%. Tether had a 74% market share this time last year, with Circle capturing only 16%  of the stablecoin pie.

The Stablecoin Saw $2.5 Trillion in On-Chain Transactions 

According to reports, the market value of Circle's stablecoin increased by 987% in 2021. Tether's supply, on the other hand, grew by less than a third of that, with a 275% increase during the same period.

The stablecoin network saw $2.5 trillion in on-chain transactions and 4.6 million active wallet addresses in 2021 alone, according to the Circle CEO. USDC is a cryptocurrency that runs on eight separate blockchains, is supported by 200 protocols, and can be traded on 34 exchanges in 180 countries. Tether is the dominant power in the stablecoin ecosystem, but Circle, a digital payment business sponsored by Goldman Sachs, is closing in quickly.

The USDC supply has already converted USDT on the Ethereum network, as reported by Cointelegraph on January 19. According to their transparency report, the tether supply is presently split between Ethereum and Tron, with about $39 billion and $ 36 billion on each network and the rest on a few other networks like Solana, Omni, and Algorand.

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With the 50B Milestone, Circle's USDC Stablecoin Gulps Down Tether's Market Share
Meghna Das Chowdhury
Meghna is a graduate of the Indian Institute of Journalism & New Media specializing in Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.