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USDC Grows Faster Than Tether During Stablecoin Boom: Report

USDC grows faster than Tether while Tether dwarfs the stablecoin that is now starting to catch up at a faster rate. In our today’s altcoin news, we read more about the report.

USDC, the US-dollar pegged stablecoin run by Coinbase and Circle, announced Solana as the fourth official blockchain after Ethereum, Algorand, and Stellar. Right before the announcement, the market cap of USDC increased by about $53 million to $2.791 billion according to the data from CoinMarketCap. The coin which is now the 13th largest by market cap traded at $566 million over the past day and what’s even more, USDC grows faster than Tether even if Tether’s overall market cap is larger.

usdc market cap
USDC’s market cap Coinmarketcap

USDC boomed this year. the market cap of the coin was $473 million which is a proxy of how much US dollar people invested in the coin. The coin started rising amid the March coronavirus market crash. It hit $700 million by April which was because people wanted to move their crypto-holdings to more stable assets like the dollar.

tether market cap
Tether’s market cap. Image CoinGecko

Things took off for the coin during the decentralized finance craze when the investors poured billions into non-custodial exchanges and lending protocols. Starting with the end of June craze, a lot of the protocols offered customers the chance to make massive returns from staking USDC in their smart contracts. On June 19, the market cap for USDC was set at $732 million but it hit $2.8 billion last Sunday. USDC’s main competitor is Tether or USDT. The coin’s market cap has more than doubled since May from $7 billion to $15 billion according to the data from CoinGecko. That means that USDC grows faster than Tether but USDT still has domination over the market.

As recently reported, The USDC stablecoin will be available on the so-called ETH “killer” Solana blockchain, which marks an important step in building DeFi on the network. The Centre Consortium that was founded by Circle, the payments platform, and Coinbase the crypto exchange, announced today that it is making Solana an official blockchain for the USDC Stablecoin.

USDC launched on Ethereum but pushed its Algorand integration live earlier this year, it launched on Solana as well and it will support Stellar at the end of next year as well. Will this however be enough to put USDC in a leading position?

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