On July 1, the capitalization of the largest stablecoin Tether (USDT) exceeded $10 billion. At the same time, the capitalization of the stable cryptocurrency from the company Circle USD Coin (USDC) exceeded $1 billion.
In June, the number of USDC’s in free circulation increased by 37%. If at the beginning of the month it was released 730 920 001 USDC, on July 1, their number reached 228 1 002 740. Thus, the growth since the beginning of the year was 93%. Recall that the release of stablecoin is controlled by the consortium center, organized by Coinbase and Circle.
Despite the impressive growth rate, USDC is significantly inferior to the market leader of stablecoins-Tether. At the moment, USDC occupies 13% of the market for stablecoins on the Ethereum blockchain. USDT accounts for 78% of this market. At the same time, if you look at the stablecoin market as a whole, the superiority of Tether will be even more obvious.
Recall that the capitalization of the stable cryptocurrency Tether for 2020 increased by 144%. One of the catalysts for the growth of the stablecoin market was the increase in bitcoin volatility in the spring of this year. A significant part of investors used stable cryptocurrencies to wait out the “storm” in the market.