Circle's USDC has dethroned Tether (USDT) on the Ethereum network, according to a report, with a 40.06 billion token supply. USDT, which can be used to buy altcoins, is currently the second largest stablecoin, in the world because of this. USDT is now ranked second on the Ethereum network for the first time in history. USDT now has a total supply of 39.82 billion, which is close to USDC's 40 billion supply. Meanwhile, the ongoing debate surrounding the USDT has led to its recent market fall. Discussions on whether Tether is collateralized and how the corporation handles its reserve cash are among these topics.
Coinbase President Emilie Choi, on the other hand, offered her thoughts on USDC in Q4 of 2021. According to an Independent Accountant's Report by Grant Thornton, the USDC might be moved to cash and US Treasury bonds, which would result to a more effortless way of cashing out cryptocurrency.
Nonetheless, TerraUSD (UST) has exceeded Magic Internet Money (MIM) and DAI, in addition to USDC and Tether (DAI). It has a market valuation of $10.7 billion, making it the world's fourth biggest stablecoin. At the time of writing, the performance of centralized stablecoins outperforms that of decentralized ones on the market. Meanwhile, traders and many crypto apes feel that USDT has a good chance of taking over USDC's first position in the next days.