Last Updated on June 23, 2022 by Bitfinsider

In the last 24 hours, USDC’s real volume on the Ethereum network has nearly doubled that of USDT, which may be another indication that the top stablecoin’s hegemony is waning.

Following a Tuesday when its daily “real volume” on the Ethereum network doubled that of Tether (USDT), USD Coin (USDC) is vying for the title of top stablecoin in the cryptocurrency space.

With regards to daily real volume on the Ethereum network, Circle’s USDC posted $1.1 billion on Tuesday, surpassing USDT’s real volume of $579 million, according to the crypto market statistics tool Messari.

In contrast to the more widely used “total volume” statistic, Messari’s actual volume metric is created by gathering data solely from exchanges that it feels to have “substantial and legitimate crypto trading volumes.”

The exchanges tracked by OnChainFX, Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, and Poloniex are all included in Messari’s Real Volume statistic.

Supply of USDC is increasing

Since reaching an all-time high on May 11, the number of Tether coins in circulation has decreased steadily, falling by about 20% from 83.1 billion to a low of 67.9 billion as of the time of writing.

The supply of USDC, on the other hand, has increased by 13% to 55.9 billion since May 11. The dominance of Tether in the stablecoin market may come to an end if current trends hold.

Investor uncertainty has been exacerbated by a recent market meltdown as a result of the failure of layer-1 blockchain Terra and potential spillover effects from the collapse of crypto lending platform Celsius. In the wake, Tether redemptions have considerably increased, conversely causing a decrease in supply.

The recent cryptocurrency market catastrophes involving Terra and Celsius will not have any effect on Tether’s reserves, the company said on June 13 in an effort to boost confidence in its stablecoin. Despite this, it seems like investors are moving to USDC.

Tether Chief Technology Officer (CTO), Paolo Ardoino, said to Euromoney on June 15 that his company aims to acquire a full audit from a top-12 auditing firm in order to combat the ongoing redemptions and concerns about the make-up of its reserves. While Ardoino would prefer one of the top four organizations to carry out the audit, he stated that “The big four are a bit more cautious about providing a full suit when the rules are not clear,” around stablecoins.

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