For the first occasion, the total supply of the USDC stablecoin on the Ethereum blockchain topped that of the USDT stablecoin. Nevertheless, the overall amount of USDT across all blockchains is still more than the supply of USDC.
Keeping Track of the Current Supply
The complete quantity of each stablecoin on Ethereum can be seen on Etherscan, with USDT’s total supply at 39.82 billion and USDC’s total supply at 40.05 billion. The fact that USDC’s supply on Ethereum has surpassed that of USDT is considered a significant development because Ethereum is a major contributor to the rise of both stablecoins. It’s worth noting that, in addition to Ethereum, USDT and USDC are accessible on some other blockchains, including Algorand and Solana.
Tether’s Demand Has Slightly Declined
Tether’s CTO, Paolo Ardoino, spoke with The Block about how Tether differs from its rivals and why this could have influenced demand. Tether, he noted, is reliant on centralized exchanges and institutions to create demand, while other stablecoins rely on DeFi platforms to grow supply.
He also remarked that demand from institutions has decreased as a result of the current adverse attitude in the crypto market. However, he added that individual investors have increased their demand, particularly from Turkey and Latin America.
Across all blockchains, the supply of USDT is still increasing. While USDC has overtaken USDT on Ethereum, USDT still leads in overall supply across blockchains, with USDT’s total supply of roughly 82 billion compared to USDC’s of around 45 billion. Nevertheless, it should be observed that the supply of USDC has been steadily increasing, but the supply of USDT has been stable.
Tether has frozen $160 million in USDT
Tether reportedly froze $160 million in USDT belonging to three separate locations. Tether has frozen addresses before, with evidence indicating that the company has taken action against 563 addresses holding USDT on the Ethereum network. Tether has frozen 312 addresses in the last year alone. A Tether spokeswoman had explained the action, saying,
“Through the freezing of addresses, Tether has been able to help recover funds stolen by hackers or are compromised.”