Stablecoins stability has been the biggest demand in the crypto industry after the recent collapse of Terra’s UST. However, many different stablecoins are doing their best to fill the gap left by this. Meanwhile, the report shows that the USD currency (USDC) is winning this race.
USDC Growth Rate Peaks
According to a report from Arcane, the stablecoin balloon had been inflating for a long time. This ran well enough for the first four months of 2022 before the market was hit by a rapid trend reversal.
It mentioned that USDC can catch up to USDT with current growth rates. USDC showed a growth rate of about 70.4%, while USDT’s growth rate has decreased by 28.7%. If it moves at the same rate, the USD coin will dethrone Tether as the largest stablecoin on October 10, 2022. USDC will be able to exceed the market cap of 61.3 billion.
According to the data, UDSC currently has a market cap of approximately $54.8 billion. It is down 1.6% in the past 30 days. While USDT has a market cap of over $65.6 billion. It has also fallen by 1.5% over the same period.
USDT on a decline
Arcane reported that Tether (USDT) has been the largest stablecoin on the market, taking full advantage of the first mover advantage. However, it fell by 50% in November 2021. The decline continued into 2022 as the USDT market cap dropped from $78 billion to $66.3 billion.
On the other hand, USDC is more compliant with regulations. It grew massively in 2022 as its market cap jumped from $42.2 billion to $55 billion. It has recorded a massive 70% increase in annual growth.
USDT started 2022 with a market dominance of 47.5% while USDC stood at 25.8%. Meanwhile, USDT and USDC now share the market with 43.8% and 36.3% dominance respectively. The USD coin was slowly closing in as the Tether witnessed de-pegging while the Terra led to a collapse in May.
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
This post USDC must dethrone USDT on this date; Report predictions
was published first on https://coingape.com/usdc-to-dethrone-usdt-by-this-date-report-predicts/