This is the first time in the crypto industry, where USDC crossed the supply amount against USDT supply.
USDC is a dollar-pegged stable coin and also USDT stands for the same, which was introduced in this crypto industry in 2014. Due to the first-mover advantage, USDT stands at the first rank in this crypto industry. After USDT, USDC ranked second in the list of stablecoins, however, BUSD ( a stablecoin by Binance exchange) is also doing its best in this industry.
This is the first time in the history of the crypto industry when the supply of USDC crossed USDT supply on the Ethereum network. And this is showing that the demand for USDC is more than USDT in the Ethereum network.
Both USDT and USDT are available on almost every network like Solana and Algorand. And these are showing that both of them are contributing at a very high rate in this industry with the use case of dollars.
Defi platforms are more responsible to drive the use of Stablecoins
However, the entry of Defi-based services was not much better in this industry but for once it showed how much impact it has. However last year, Defi platforms faced huge attacks but these are also responsible to drive huge adoption of the use case of stable coins like USDC and USDT and also other stable coins.
A spokesman from USDC issuer company Circle shared his thoughts on this increasing demand for stablecoins and said that demand for stable coins will surge in every situation, whether the market will move toward dump or pump.
“As digital asset markets trend up or down, both scenarios tend to generate increased demand for USDC — especially during significant market moves,”