USD Coin claims to be the best stablecoin in cryptocurrency after its daily “real volume” on the Ethereum network doubled compared to USDT Tether on Tuesday.

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According to crypto market data tool Messari, on June 21, USDC Circle posted a daily real volume of $1.1 billion on the Ethereum network, twice the real volume of USDT of $579 million.

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The Messari real volume metric is calculated using the formula drafting data only from exchanges that he believes have “significant and legitimate crypto trading volumes” and thus differs from the more commonly seen “total volume” metric.

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Exchanges included in Messari’s Real Volume Metric include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex, and those tracked on OnChainFX.

24 hour real volume for USDT on Ethereum. Messari

USDC supply gains momentum

The number of Tether coins in circulation has continued to fall since the all-time high on May 11, falling nearly 20% from 83.1 billion coins in circulation to an eight-month low of 67.9 billion at the time of writing.

On the other hand, USDC supply increased by 13% since May 11 to $55.9 billion. If trends continue, this could mean the end of Tether’s dominance in the stablecoin space.

The collapse of the Tier 1 Terra blockchain and possible contagion from the fall of crypto-lending platform Celsius has raised doubts among investors, exacerbated by the market crash in recent weeks. After that, the number of redemptions in Tether increased significantly, which led to a drop in supply.

Tether is trying to build confidence in its stablecoin, including by saying on June 13 that the ongoing crypto market disasters involving Terra and Celsius will not have any impact on its reserves. Despite this, investors seem to be moving towards USDC.

USDC supply is catching up with USDT. CoinGecko

The real volume of Messari, of course, does not reflect the whole picture. Across all blockchains and exchanges, CoinGecko shows that USDT daily volume still tops the charts at $44B compared to $5B.

However, it is not known how much of the volume is due to USDT being used in fictitious trading to inflate the number of coins or exchanges, so an imperfect real volume metric was developed.

Record stablecoin market share points to cryptocurrency upside: JPMorgan

In an attempt to combat ongoing redemptions and doubts about the composition of its reserves, Tether CTO Paolo Ardoino said Euromoney June 15 that his firm plans to get a proper audit from one of the top 12 audit firms. While he would like one of the top four firms to audit, Ardoino said, “The Big Four are a little more cautious about giving a full claim when the rules aren’t clear” with regard to stablecoins.