Stablecoins compete fiercely with one another. And it appears that USDC has won this round.
Users of the cryptosphere have been wary about stablecoins since before Terra (LUNA) crashed. However, investors started aggressively moving their assets to stablecoins when the bitcoin market plummeted.
Among stablecoins, USDT initially held the top spot. Its market volume has surpassed previous records. Thanks to the efforts put in by several blockchains, in many ways. But now, more USDC transactions than USDT transactions have been conducted on the Ethereum blockchain.
Coinmarketcap estimates that over the same period, the stablecoins Circle (USDC) and Tether (USDT) were each valued at $55.67 billion and $67.3 billion, respectively. Due to the number of transactions on the TRON blockchain and the cheap transaction costs, the initial cryptocurrency’s supremacy is still evident. In volume, they outpace USDC by a factor of 10.