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The digital stablecoin USDT loses its dominance as the largest stable cryptocurrency based on Ethereum

The digital stablecoin USDT loses its dominance as the largest stable cryptocurrency based on Ethereum

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Answer The digital stablecoin USDT loses its dominance as the largest stable cryptocurrency based on Ethereum

Tether USDT is the largest stablecoin by total market capitalization.

Its first presence was exclusively on the Ethereum blockchain and then expanded to other blockchain networks such as Tron, Polkadot, Binance…

The digital stablecoin USDT was the largest digital stablecoin present on the Ethereum blockchain.

The situation changes, and the USDC enters the competition arena and becomes the largest stable cryptocurrency on Ethereum.

According to a tweet shared by Alex Svanevik, CEO and founder of Nansen Analytics Team, the digital stablecoin USDC has overtaken its Ethereum-based USDT competitor in terms of the number of cryptocurrencies.

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Currently there are 40,055,012,440 USDC on Ethereum.

While there is 39,828,710,009 USDT on Ethereum.

USDT and USDC are the two largest stablecoins. The total market capitalization of USDT is $78 billion, while the total market capitalization of the digital stablecoin USDC is $45.3 billion, according to the platform. coinmarketcap.

While BUSD is the third largest stablecoin with a total market capitalization of $14.4 billion.

Terra USD is the largest algorithm-controlled decentralized stablecoin with a total market capitalization of $10 billion.

USDC Market Cap Increases 10 Times In One Year:

In 2021, Circle’s USDC cryptocurrency cemented its position as the fastest growing stablecoin.

Where the currency entered the year 2021 with a capital equal to approximately 4 billion dollars.

To increase its total market value to reach $45.3 billion at the beginning of 2022.

Stablecoins use various blockchain platforms to issue their cryptocurrencies.

Besides Ethereum, the digital stablecoin (USDT) runs on the Tron, Omni, Liquid, Solana, Algorand, SLP, and EOS blockchains.

The digital stablecoin (USDC) also has a presence on the Ethereum, Solana, Tron, Binance, and Fantom blockchains.

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