USD Coin (USDC) exceeded Tether (USDT) in terms of total supply on the Ethereum blockchain. Currently, USDC’s total supply of ETH is $40.3 billion, while USDT’s is $39.8 billion.
Recently, the total supply of USD Coin (USDC) on the Ethereum network exceeded that of Tether (USDT). USDC has a supply of $40.3 billion on Ethereum, while USDT has a supply of $39.8 billion on the same network. Unlike USDT, most of USDC’s supply is on the Ethereum blockchain.
With an aggregate supply of $78.5 billion, USDT still outperforms USDC across all other networks. Indeed, the token is present on several other blockchains, including Algorand, BSC, EOS and TRON. This large offering from Tether has placed it in the middle of wide controversy within the crypto community. To this day, many wonder about the reserve support of the No. 1 stablecoin in the market.
Despite the controversy, USDT remains the most widely used stablecoin on the market. Members of the crypto community are calling for a full audit of its reserves, and this issue has been going on for years. Tether has also caught the eye of regulators with its operations and been the subject of multiple lawsuits. But recently, the company declared its intention to cooperate with lawmakers around the world.
For its part, Circle, the issuer of USDC, is working to be more regulatory compliant. In 2021, the company announced that it would be more transparent and meet accountability standards. However, the company has not escaped the radars of regulators. In October 2021, Circle received a “subpoena” from the SEC after launching a new investment product that raised suspicions from the stock market watchdog.
Stablecoins: a top priority for regulators in 2022
Regulators don’t have any particular issues with USDT or USDC, rather they fear that stablecoins will impact the sovereignty of national currencies. Indeed, stablecoins have repeatedly been touted as a source of concern for US regulators and global bodies. The director of the Consumer Financial Protection Bureau (CFPB) even said that stablecoins should be subject to Big Tech’s investigation, which proves how much of a problem they are perceived to be.
But all is not all gloomy in the stablecoin sector. Indeed, the FED Chairman said that stablecoins could co-exist with central bank digital currencies (CBDCs). However, the regulation of these digital assets will remain a hot topic until lawmakers find a way to make them coexist.
Outside of the US, the G20 has also called for regulation of stablecoins ahead of their approval. All of these developments demonstrate that regulation of stablecoins is coming soon, and it looks like the market could benefit.
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