USDC’s ‘Real Volume’ Surpasses Tether on Ethereum as Total Supply Hits 55.9 Billion

    USDC’s real volume has nearly doubled that of USDT on Ethereum in the past 24 hours. Is this another sign that Tether’s dominance is coming to an end?

    According to crypto market data tool Messari, Circle’s USDC is currently the biggest stablecoin with daily “real volume” on Ethereum reaching $1,1B, doubled then $579M of Tether (USDT) on Tuesday, June 21. 

    Messari’s real volume metric is calculated by collecting data from exchanges that have “significant and legitimate crypto trading volumes” and thus differs from the more commonly seen “total volume” metric.

    Exchanges included in the Messari real volume index are Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex, and those tracked on OnChainFX.

    USDT 24h Real Volume on Ethereum. Source: Messari

    The Gaining in USDC Supply 

    USDT’s circulating supply has continued to decline from its ATH on May 11, dropping nearly 20% from 83.1 billion to an eight-month low of 66.9 billion as the press time.

    In contrast, USDC has seen its supply gain by 13% since May 11 to 55.9 billion as the press time. If the trend continues, this could be the end of USDT dominance. 

    The collapse of Terra and the widespread of Celsius crypto lending platform have created many doubts among investors, and it has become worse with the market crash in the last few weeks. Redemption in USDT subsequently increased significantly, resulting in a reduction in supply.

    Tether has been trying to reinforce confidence in its stablecoin – including stating on June 13 that the ongoing crypto market disasters involving Terra and Celsius will not have any impact on its reserves. Even so, investors seem to migrate to USDC.

    USDC supply is catching up to USDT. Source: CoinGecko

    Obviously, Messari’s “real volume” metric doesn’t tell the whole story. Across all blockchains and exchanges, CoinGecko shows USDT’s daily volume still topping the charts at $44 billion, while USDC’s is just standing at $5 billion.

    In an effort to combat the ongoing redemptions and doubts about its reserves, Tether CTO Paolo Ardoino told Euromoney on June 15 that his firm plans on getting a proper audit from a top-12 auditing firm. 

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