USDC’s ‘real volume’ flips Tether on Ethereum as total supply hits 55.9B

USD Coin is vying for the title of the top stablecoin among cryptocurrencies after its daily “real trading volume” on the ethereum network was double that of Tether’s USDT on Tuesday.

According to crypto market data tool Messari, Circle’s USD/USD Published $1.1 billion in actual daily volume Ethereum network On June 21, it was twice the actual trading volume of USDT of $579 million.

Messari’s actual volume indicator is calculated by compile The data is only from exchanges it deems to have “significant and legitimate crypto trading volume,” and thus differs from the more common “total volume” metric.

Exchanges included in Messari’s real volume indicator include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex, and exchanges tracked on OnChainFX.

24-hour real volume of USDT on Ethereum.Messari

USDC Supply Growth

Since its all-time high on May 11, Tether’s circulating supply has continued to decline, dropping nearly 20% from the 83.1 billion coins in circulation. Eight-month low 67.9 billion as of this writing.

On the other hand, since May 11, the supply of USDC has increased by 13% to 55.9 billion.If this trend continues, it could mean that Tether is Stablecoin space.

The collapse of the Tier 1 blockchain Terra and the possible contagion of the decline of cryptocurrencies Lending Platform Celsius Raising skepticism among investors, the market crash in recent weeks has made things worse. After that, redemptions of Tether increased significantly, causing the supply to drop.

Tether has been trying to boost confidence in its stablecoin — including saying on June 13 that it was in the process of Disaster for the crypto market Involving Terra and Celsius will not have any impact on its reserves. Still, investors seem to be turning to USDC.

The supply of USDC is catching up with USDT.Coin Tiger

Of course, Messari’s real volume indicator doesn’t tell the whole story. Across all blockchains and exchanges, CoinGecko shows USDT still tops the list with $44 billion in daily trading volume, while USDC is at $5 billion.

However, it is unclear how much of the volume is due to USDT being used for wash trading to inflate the volume of coins or exchanges, which is why imperfect indicators of actual volume were developed.

related: Record stablecoin market share points to cryptocurrency upside: JPMorgan

In response to ongoing redemptions and doubts about its reserves, Tether CTO Paolo Ardoino told european currency On June 15, his company plans to get a proper audit from the top 12 audit firms. While he wants one of the Big Four to conduct the audit, Ardoino said, “The Big Four are more cautious about offering a full suite of lawsuits when the rules aren’t clear,” around stablecoins.