Tether vs. USD Coin on-chain data reveals two very different stablecoins By Cointelegraph

November 24, 2022 John Tether 0

Tether vs. USD Coin on-chain data reveals two very different stablecoins

(USDC), a stablecoin issued by the U.S.-based Circle Financials Ltd, is taking the lead over its top rival, (USDT), when it comes to institutional adoption, according to on-chain data.

The market capitalization of USDC tokens in circulation comes to be around $44 billion versus USDT’s $65.42 billion. However, USDC’s daily transfer value on the blockchain has been consistently higher than USDT throughout 2022, data from Glassnode shows.

USDC vs. USDT daily transfer volume. Source: Glassnode
USDC vs. USDC supply in smart contracts. Source: Glassnode
USDC vs. USDT daily transaction count. Source: Glassnode
USDC vs. USDT daily active addresses. Source: Glassnode
Crypto.com’s proof of reserves. Source: CoinMarketCap.com
USDT vs. USDC market cap performance in the last six months. Source: Messari
USDT/USDC three-day price chart. Source: TradingView