Stablecoin USDC's ERC20 Issuance Surpasses USDT's Total Supply on Ethereum

On Saturday, January 15, 2022, the market capitalization of all the stablecoins in existence is $173 billion, which represents 7.93% of the $2.18 trillion crypto-economy. The market valuations of stablecoins tether and usd coin represent 71.84% of the entire stablecoin economy’s value. This week, the current total supply of usd coin surpassed tether, in terms of tokens issued on the Ethereum blockchain, as usd coin has a 0.568% larger fully diluted market capitalization on the smart contract network.

USDC Issuance on Ethereum Surpasses Tether’s ERC20 Supply
The current total supply of the stablecoin usd coin (USDC) on the Ethereum blockchain is over 40 billion units, which is higher than the number of tether (USDT) on the chain. At the time of writing, according to etherscan statistics, the current supply of USDT is 39.8 billion units. While there’s only 0.568% more USDC tokens than the number of tethers in circulation, it’s the first time USDC has overtaken USDT in terms of Ethereum issuance.

Total supply of USDC on January 15, 2022, according to etherscan.io metrics.
While tether has seen 136,448,792 transfers total on the ETH chain, USDC has only seen 33,104,877. Essentially, ERC20 tethers have been transacted with 312.17% more than USDC tokens have been transferred. Tether also has a lot more USDT tokens across multiple blockchain networks with a current total supply of 79 billion tethers.

Total supply of USDT on January 15, 2022, according to etherscan.io metrics.
USDC is also on a few different blockchains, but the majority of USDC resides on Ethereum. USDC has a current total supply of 45.3 billion, which means 5.3 billion USDCs are used on alternative blockchains.