• The supply of USDC on Ethereum has surpassed the supply of USDT

  • On the Ethereum network, USD Coin (USDC) has surpassed Tether (USDT) in total supply. On Ethereum, USDC has a total supply of $40.3 billion, while USDT has a total supply of $39.8 billion.

    On the Ethereum network, USD Coin (USDC) has surpassed Tether (USDT) in total supply. The overall supply of USDC is $40.3 billion, while the total quantity of USDT on Ethereum is $39.8 billion. Unlike USDT, the majority of USDC supply is stored on the Ethereum blockchain.

    USDT still has a larger total supply, estimated at $78.5 billion, and is available on multiple additional networks, including Algorand, BSC, EOS, and TRON. Tether’s huge supply has been a source of discontent in the cryptocurrency industry, as there is debate concerning the underpinning of its large supply.

    Despite the debate, USDT is the most popular stablecoin on the market. Market participants have been expecting for a full audit of its reserve for years, and this issue has been ongoing for years. Tether has also drawn the attention of regulators due to its operations and has been the target of many lawsuits, prompting the stablecoin to pledge to engage with politicians all around the world.

    Meanwhile, USDC issuer Circle has been attempting to become more regulatory compliant. In 2021, the corporation stated that it would be more open and adhere to accountability requirements. The SEC has also been monitoring USDC, with the regulator subpoenaing Circle in October 2021.

    Stablecoins will undoubtedly be a top focus for authorities in 2022.

    Regardless of the stablecoin, regulators are looking into the niche for fear of interfering with national currency sovereignty. Both US regulators and global bodies have consistently referred to stablecoins as a circle. The CPFB Director has also indicated that stablecoin is a part of a large tech investigation, demonstrating the extent to which they are viewed as a problem.

    In marginally encouraging news, the Federal Chairman has stated that stablecoins and Central Bank Digital Currencies might coexist (CBDCs). Nonetheless, the regulation of digital assets will remain a hot topic until policymakers discover a way for them to coexist.

    Outside of the United States, G20 leaders have also asked for stablecoin regulation prior to adoption. All of these developments hint to upcoming stablecoin regulation, which could benefit the market overall.

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