You might know USD coin (USDC) as a stablecoin pegged to the US dollar running on the Ethereum blockchain. The coin’s volume has nearly doubled that of Tether (USDT) in the past 24 hours on the Ethereum network. USD Coin is down 0.01% in the last 24 hours, but the live market cap jumps high of $55,904,354,198 USD according to data collected by CoinMarketCap.
Over the past two months, Tether USDT, the largest stablecoins by market capitalization, collapsed drastically. The recent fall in USDT, caused many investors to pull out of the crypto market or sell USDT for U.S. dollars, even with an 8% discount, considering the poor sentiment for stablecoins in crypto communities.
After witnessing USDT steadily losing its market share, the recent plunge in USDC volume has been said to be an end for the dominance of USDT as a stablecoin.
Tether's market cap has dropped by 19% since the slump in USDT, while USDC's has climbed by 5%, narrowing the gap between USDC and Tether down to $12 billion. However, USDT still has a significant lead in daily trading volume over USDC ($55 billion and $5.7 billion) and it remains the pillar of the cryptocurrency economy.
In a recent interview,Tether CTO, Paolo Ardoino, said that the company is willing to “redeem its tokens to the last cent.” The company also rejected false rumors about holding Chinese commercial papers that are trading at a massive discount.
It is true that USDT runs both on TRC20 and Ethereum. Nonetheless, it should be noted that there’s more USDT tokens on Tron than on Ethereum since the former is significantly cheaper.
The current USDT price holds at $0.998930, with a current market cap of $67.43B USD, while the market cap for USDC stands at $55,910,744,702 at the time of writing.