The fight between the leading stablecoins still witnesses new feuds monthly, with each project taking a turn to plan its winning game. Meanwhile, here is everything about the present status of the never-ending competition.
Where to Place You Bet?
Stablecoins have their overall market cap at around $153.8 billion, with $56 billion in trading volume within the last day. Primarily the top stablecoins, Circle’s USDC and Tether’s USDC hit news wires. Nevertheless, the leading one, USDT, suffered the most over the past few months following the UST debacle.
Ponder on this, for example. Tether (USDT)’s market share stood at 47.5% as 2022 started, whereas USDC’s hovered at 25.8%. However, USDT’s popularity has slumped since. That reduced its market share to below 40%. Meanwhile, USDC has narrated attractive tales since early 2022.
However, tables seem to have turned. While writing these lines, USDT’s market value wavered at 67.5 billion (43.9% market share). Meanwhile, 24hr trading volume accounted for 81% at 45.4 billion. The stablecoin retained the $1 tie despite hitches.
Furthermore, USDT’s market value surged 2.6% within the last 30 days. The stablecoin’s market value has slumped by 2%. Meanwhile, Tether ration exchanges increased by 20% over the past three months (sentiment data).
The ratio increased from May 9’s 19.7% to 42% by August 14. Remember, the USDT exchange supply hasn’t climbed above this number since April 2020.
Remember, such data would directly impact USDT’s trading volume. That was the narrative as trading volume increased to 56 billion. Moreover, sharks (holding 10K – 100K) revealed massive accumulation within the past three weeks.
However, USDC did present some attractive stats to back the highlighted forecast. For example, it surpassed USDT in daily transaction count on the ETH blockchain (last month).
Moreover, Circle’s token remains the most-utilized stablecoin as far as transfer volume is concerned. Dune Analytics data shows USDC boasts a 55.5% share here. Meanwhile, Tether has only 18%.
Meanwhile, crypto prices continue to slide from the latest highs. Bitcoin surrendered the fight to surpass the $25K mark, now losing the $24K level as it changes hands at $23,937. That catalyzed corrections in the alt market.