The stablecoin market has undergone a shakeup as USD Coin (USDC) has overtaken USD Tether (USDT) on the Ethereum blockchain.

USD Coin Supply On Ethereum Is Now More Than Tether

As per the latest weekly report from Arcane Research, USDC has now become the largest stablecoin on the ETH chain, surpassing USDT.

A “stablecoin” is a type of crypto token that has its value tied to a fiat currency. Due to this fact, these coins don’t suffer from much volatility, hence their name. Though it must be mentioned that their value isn’t actually fixed, any depreciation or appreciation in fiat carry over to them by nature.

These coins can be minted on many blockchains, but the Ethereum chain has been the most popular option for it since years now.

Tether and USD Coin are two of the biggest stablecoins in the market right now. And while USDC supply has overtaken USDT on the ETH network, USDT is still the largest fiat token overall,

Here is a chart that shows how the supply of the two biggest stablecoins on Ethereum has changed over the past year:

USD Coin vs Tether, On Ethereum

Looks like USDC has enjoyed sharp growth in the second half of the year | Source: The Arcane Research Weekly Update - Week 2

As you can see in the above graph, USD Coin has just surpassed the supply of Tether on the Ethereum blockchain.

Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block

Over the course of 2021, USDC’s supply grew three times faster than USDT’s. Decentralized Finance (DeFi) has been the main push behind this growth of the coin.

In USDT’s case, the driver behind its growth has…

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