CoinTechnology

On the Ethereum blockchain, USDC is more widely used than USDT

Stablecoins compete fiercely with one another. And it appears that USDC has won this round.

Users of the cryptosphere have been wary about stablecoins since Terra (LUNA) crashed. However, investors started aggressively moving their assets to stablecoins when the bitcoin market plummeted.

Among stablecoins, USDT initially held the top spot. This is because its market volume has surpassed previous records. In many ways, thanks to work on several blockchains. But now, more USDC transactions than USDT transactions have been made on the Ethereum blockchain.

According to Messari experts, there were $474 million worth of USDT transactions during the past day and $1.2 billion worth of USDC stablecoin transactions.

Coinmarketcap estimates that over the same period, the stablecoins Circle (USDC) and Tether (USDT) were each worth $55.67 billion and $67.3 billion, respectively. However, due to the volume of transactions on the TRON blockchain and the cheap transaction costs, the initial cryptocurrency’s supremacy is still evident. In volume, they outpace USDC by a factor of 10.

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