USDC, a stablecoin on the Ethereum blockchain surpassed the rival Tether (USDT).

[Lens1000]

For the first time, the total supply of the USDC stablecoin on the Ethereum blockchain has surpassed that of rival Tether (USDT).

According to Etherscan, the total quantity of USDC on Ethereum is currently 39.92 billion, while the entire supply of USDT on the blockchain is 39.82 billion.

Because the blockchain continues to be a major source of growth for both stablecoins, USDC's supply topping USDT's on Ethereum is noteworthy. Several blockchains, notably Solana and Algorand, support USDC and USDT.

The rising use of USDC in the decentralized finance (DeFi) market is one of the key reasons for its recent growth. Stablecoins are used in DeFi protocols for different purposes, including trading on decentralized exchanges.

When the stock market rises, there is a greater demand for USDC as a means of bringing fiat currency into crypto trading platforms. When markets fall, on the other hand, more traders are selling volatile assets and investing in stablecoins like USDC, according to the spokesman.

Tether CTO Paolo Ardoino told The Block that USDT is unlike its competitors, which "rely mostly on DeFi systems to grow their supply." According to him, centralized exchange users and institutions are the key drivers of USDT demand.


However, as a result of the recent adverse crypto market attitude, USDT demand from institutions has declined, according to Ardoino, who added that demand from regular investors is increasing from Turkey and numerous Latin American countries.

 

[Jasmine]

I am not into stable coins yet becuase stable coins were primarily launched to minimize the risk and volatility related to crypto currencies. I have some assets in a couple of coins, but I am not heavily investing in crypto or trading crypto. I like to play cool with crypto and invest for long term, therefore, I do not try to minimize risk by exchanging my coins to stable coins when the market is bearish. I do receive payment in stable coins, but as soon as I receive stable coins, I immediately exchange to another crypto currencies like bitcoin and ethereum.

 

[Deleted member 28127]

I think all these stable coins network fee is much more expensive than bitcoin and ethereum due to their high demand from the freelance platforms and most traders need to avoid inflations of altcoins like bitcoin also the decrease of prices of cryptocurrencies, in general, is another factor. This is why people avoid using them when according to payment to someone.

 

[Lens1000]

I am not into stable coins yet becuase stable coins were primarily launched to minimize the risk and volatility related to crypto currencies. I have some assets in a couple of coins, but I am not heavily investing in crypto or trading crypto. I like to play cool with crypto and invest for long term, therefore, I do not try to minimize risk by exchanging my coins to stable coins when the market is bearish. I do receive payment in stable coins, but as soon as I receive stable coins, I immediately exchange to another crypto currencies like bitcoin and ethereum.

You have actually made a very important point on the primary use of the stablecoins. It is meant to keep your money away from the volatility of the cryptocurrencies. Holding the stable coins will afford you the opportunity to take the available trading move whenever a green signal is spotted. You will quickly convert your money back to the stable coin after pulling the trade inoder to waite for the next signal.

 

[Lens1000]

I think all these stable coins network fee is much more expensive than bitcoin and ethereum due to their high demand from the freelance platforms and most traders need to avoid inflations of altcoins like bitcoin also the decrease of prices of cryptocurrencies, in general, is another factor. This is why people avoid using them when according to payment to someone.

Honestly, I thought that the stablecoins have lower transaction fee. Apparently, there will be increase usage because it's used to save your money fromm the fluctuations in the cryptocurrency market. The fluctuations around the stablecoin is very minimal l, about few cents from the dollar. This feature will increase it uses and may likely cause a high demand.

 

[sincerem]

That's the first time seeing the supply of USDC topping that of USDT coin. USDT have always been the popular amongst all stable coins for some years now. When it comes to adoption, traders love transacting around USDT than any other coin. I ways choose the USDT coin when I want to avoid volatility occuring with my crypto asset especially when it is moving on downtrend. In binance exchange site, USD Tether coin is the most traded coin, due to its stable price that doesn't fluctuate. It is the primary coin for traders via any form of crypto activities both in P2P, Futures, Spot etc.

 

[Suba]

I almost never observe the development of stablecoins, except only as a trading instrument, exchanging cryptocurrencies or selling crypto for stablecoins. According to Coinmarketcap
Circulating Supply 52.99 billion USDC, Total Supply 52,991,609,692
while Tether , Circulating Supply 79.47 billion USDT, Total Supply 82,164,697,050. According to data CoinGecko USDT is currently the most traded.

 

[Lens1000]

That's the first time seeing the supply of USDC topping that of USDT coin. USDT have always been the popular amongst all stable coins for some years now. When it comes to adoption, traders love transacting around USDT than any other coin. I ways choose the USDT coin when I want to avoid volatility occuring with my crypto asset especially when it is moving on downtrend. In binance exchange site, USD Tether coin is the most traded coin, due to its stable price that doesn't fluctuate. It is the primary coin for traders via any form of crypto activities both in P2P, Futures, Spot etc.

stablecoin is an instrument that is used to keep our money away from fluctuations. The ways the cryptocurrencies fluctuate is on the increase and that's the major reasons why the cryptocurrency traders prefer to keep their crypto assets away from the market volatility. The unstable nature of cryptocurrency called for the creation of the stablecoin and it is currently one of the most traded cryptocurrency in the crypto market . I have not really have the time to do little research on the blockchain that houese all the stablecoin but it seems that USDT has more than one blockchain where it operates. The thread is taking about the use of the stablecoins on the ethereum based tokens. The USDC and the USDT are both ethereum based and are definitely not talking about the one on the BSC based tokens. On the overall the USDT is the most used stablecoin on the cryptocurrency platforms. It will help you save your funds from unsolicited volatility that could be very detrimental at the end. I keep my cryptocurrencies in USDT and I but any cryptocurrency with the USDT in my wallet whenever I wanted to trade. This is basically what I.do to trade any of the cryptocurrencies.

 

[sincerem]

USDT coin is rich for that, it is the primary coin for traders. I often use it ahead of others. When if it's value doesn't increase like others in the crypto market due to its stable nature, it gives somehow good profit when I am swapping it to a local fiat currency. My country's fiat currency is on the depreciating movement, trailing USD by a bigger margin, and again, it is not growing trying to cut the deficit with the USD. That's why I love keeping my USDT coin and later exchanging it to Naira when I feel the need to, and it gives me bigger value that what I couldn't have made, had it been i swapped immediately. My binance and other exchange accounts are serving as my savings account. Due to how rich cryptocurrency has been to me, their is no need for me looking to keep my funds to a place where it will be depreciating or losing value due to the rapid furlough of naira when compared to the foreign fiat currencies. Such has given me enough reasons to wow crypto more, since it got more benefits than saving in the local bank account with the naira fiat currency.

 

[Lens1000]

USDT coin is rich for that, it is the primary coin for traders. I often use it ahead of others. When if it's value doesn't increase like others in the crypto market due to its stable nature, it gives somehow good profit when I am swapping it to a local fiat currency. My country's fiat currency is on the depreciating movement, trailing USD by a bigger margin, and again, it is not growing trying to cut the deficit with the USD. That's why I love keeping my USDT coin and later exchanging it to Naira when I feel the need to, and it gives me bigger value that what I couldn't have made, had it been i swapped immediately. My binance and other exchange accounts are serving as my savings account. Due to how rich cryptocurrency has been to me, their is no need for me looking to keep my funds to a place where it will be depreciating or losing value due to the rapid furlough of naira when compared to the foreign fiat currencies. Such has given me enough reasons to wow crypto more, since it got more benefits than saving in the local bank account with the naira fiat currency.

The stablecoin is one of the best cryptocurrency that one could keep as a savings . I wish to know how you manage to convert other cryptocurrencies to USDT without incuring a huge loss in the process of the swapping. I will be very elated that if you could give me the necessary information on nitty-gritty of the whole thing. The USDT is majorly the cryptocurrency that is used to keep funds away from the market fluctuations and it is the best way to keep ones fund from cryptocurrency fluctuations or volatility. I am of the opinion that one could keep the USDT with a trusted exchange like Binance and Coinbase. These exchanges have proven records and one could keep the USDT on the exchange. Most of the cryptocurrency traders like holding the USDT which may be used to buy any of the cryptocurrency that you wished to trade. It's better to save ones money from the offline inflation and online volatility using the stablecoin. The features of Tether is very enormous and could be use for many. Purposes including a standby funds for cryptocurrency trading. The swapping of the cryptocurrency is what I do not understand. I need to know the charges involved.

 

[sincerem]

You can't lose plenty of your digital assets converting from one to the other. USDT coin is just like BTC when it comes to digital coins, only that Bitcoin has high volatility. Converting to USDT is simple, just head to 'trade option within any exchange platform, select any pair you want to go with. If you want to convert to USDT and you have Bitcoin for instance, you just need to choose USDT/BTC. Meaning, you want to use your Bitcoin to buy USDT coin in the spot market, which is straight forward to convert your Bitcoin to USDT coin within some secs. It is like that for most exchanges, remember to set the order on 'market order and not limit order, so it can execute faster without delaying just as limit order delays at times.

 

[cashisking149]

I am not into stable coins yet becuase stable coins were primarily launched to minimize the risk and volatility related to crypto currencies. I have some assets in a couple of coins, but I am not heavily investing in crypto or trading crypto. I like to play cool with crypto and invest for long term, therefore, I do not try to minimize risk by exchanging my coins to stable coins when the market is bearish. I do receive payment in stable coins, but as soon as I receive stable coins, I immediately exchange to another crypto currencies like bitcoin and ethereum.

Fair point but stablecoins represent a great alternative to those who want to earn interest and have a better idea of what that interest will look like in a year via staking. Obviously unpegged tokens can be staked and farmed but for example I put money I save for tax in stables and stake them to earn more than I'd get on it in the bank. Money that is spare to invest goes into unpegged tokens and coins.

 

[Mika]

I just checked the coin market cap and I will share the recent data regarding these two stable coins, USDC and USDT.
At the moment of typing this, USDT is the third crypto coin by market cap, it has a market cap of $81 billion, whereas USDC is in the fifth position with a market cap of 52.52 billion. You can make a comparison between these two stable coins in terms of market value. USDT is on Ethereum Blockchain and is backed by US dollars. It is also the first stable coin.
Originally USDC was available on Ethereum but now it has expanded to other blockchain platforms like Solana, Stellar, and Algorand. USDC is backed by USD denominated assets in various US-regulated financial institutions. USDC was jointly created by Coinbase and Circle.
The primary purpose of creating a stable coin was "to facilitate seamless pass transactions, improved arbitrage, and value exchange." Stable coins tri to minimize the risk created by the fluctuating crypto market.
USDT and USDC are Centralised stable coins, (DAI is a decentralized stable coin). The centralized stable coins make money through lending and investing just like the traditional banks. If you are investing in crypto you can use stable coins to minimize the financial risk.

 

[Lens1000]

You can't lose plenty of your digital assets converting from one to the other. USDT coin is just like BTC when it comes to digital coins, only that Bitcoin has high volatility. Converting to USDT is simple, just head to 'trade option within any exchange platform, select any pair you want to go with. If you want to convert to USDT and you have Bitcoin for instance, you just need to choose USDT/BTC. Meaning, you want to use your Bitcoin to buy USDT coin in the spot market, which is straight forward to convert your Bitcoin to USDT coin within some secs. It is like that for most exchanges, remember to set the order on 'market order and not limit order, so it can execute faster without delaying just as limit order delays at times.

Thanks for sharing such a prominent information. I was very afraid if the transaction fee whenever I wanted to convert my from USDT to the volatile cryptocurrency and from the volatile cryptocurrency to USDT. I appreciatees the answer that you gave me but I will like if you could tell me specifically with examples the exact amount that will be charged converting between the said cryptocurrencies. For instance, if I decided to convert from $5 worth of BTC to USDT, what will be the transaction fee ? Also if it is the other way round, will the transaction charge be altered? I am asking these questions inorder to have the full grasp of of the what I am expecting. I will like to go into the peer-to-peer trading on Binance but I am skeptical of the crypto swapping fees and I don't want to save money from cryptocurrency fluctuations. The USDT is the most widely used stablecoin simply because it is used to keep monies away from volatility and inflation. The staablencoi was designed specifically for this purpose and it is actually a very good gesture. We are all aware of the volatile nature of cryptocurrencies, and it calls for the concern, reason for the creation of the stablecoin.

 

[sincerem]

It comes down being the type of exchange or wallet you're using. I am more of a binance exchange user than any other. So, when I'm explaining, it is per binance rate and mode of their operation. At binance you can't convert below $10 funds into any of the coins unless you'll make use of their BNB coin. The BNB coin is used to satisfy the smaller amount of coins transactions within the exchange. So, when you want to initiate from nother coin other than BNB coin, you need to have at least 10$ in your wallet to do just that. And you you'll be charged around $0.10 or less for a $10 swap to another coin, they don't charge much which is around 0.1% or 0.2% of your funds. I don't see that as much either, I've exchange from LTC to BTC before, and I was charged about 3-5 cents for the transaction of $10. So, I didn't bother about it since it isn't much. At binance exchange, transaction cost isn't much compared to other exchanges, I'll go on to say that, binance exchange is the best when it comes to gas fee charges, it takes little fraction of your coin to offer miners.

 

[Lens1000]

It comes down being the type of exchange or wallet you're using. I am more of a binance exchange user than any other. So, when I'm explaining, it is per binance rate and mode of their operation. At binance you can't convert below $10 funds into any of the coins unless you'll make use of their BNB coin. The BNB coin is used to satisfy the smaller amount of coins transactions within the exchange. So, when you want to initiate from nother coin other than BNB coin, you need to have at least 10$ in your wallet to do just that. And you you'll be charged around $0.10 or less for a $10 swap to another coin, they don't charge much which is around 0.1% or 0.2% of your funds. I don't see that as much either, I've exchange from LTC to BTC before, and I was charged about 3-5 cents for the transaction of $10. So, I didn't bother about it since it isn't much. At binance exchange, transaction cost isn't much compared to other exchanges, I'll go on to say that, binance exchange is the best when it comes to gas fee charges, it takes little fraction of your coin to offer miners.

You have been very helpful on this regard. Before now , I have always thought that the amount that was charged been swapping between the coins would attract a very huge amount. That sounds very great and It truly shows that knowledge is power. I said this because I lost lots of money to high bitcoin transaction fee. I should have
Swapped to the coins with lower fees and then liquidate it. Anyways, thanks for the incisive information. It is very handy and also very helpful. With the explanation that you have related, it showed that Binance is the best in terms of the fees charged when swapping between coins. The percentage Charge of 1% to 2% is very reasonable and it is the best ever . I will see if I could register with the p2p platform on Binance. It will be very helpful indeed. At least to increase my earnings online. Binance remain the best cryptocurrency exchange with lots of user friendly features and most of these features comes with reasonably low transaction fees. For those doing peer-to-peer transactions, it Means lots of profits for them, because the charges to navigate around the coins is very minimal and reasonable .

 

[sincerem]

You have been very helpful on this regard. Before now , I have always thought that the amount that was charged been swapping between the coins would attract a very huge amount. That sounds very great and It truly shows that knowledge is power. I said this because I lost lots of money to high bitcoin transaction fee. I should have
Swapped to the coins with lower fees and then liquidate it. Anyways, thanks for the incisive information. It is very handy and also very helpful. With the explanation that you have related, it showed that Binance is the best in terms of the fees charged when swapping between coins. The percentage Charge of 1% to 2% is very reasonable and it is the best ever . I will see if I could register with the p2p platform on Binance. It will be very helpful indeed. At least to increase my earnings online. Binance remain the best cryptocurrency exchange with lots of user friendly features and most of these features comes with reasonably low transaction fees. For those doing peer-to-peer transactions, it Means lots of profits for them, because the charges to navigate around the coins is very minimal and reasonable .

Correct man, we are here to help one another to learn something he or she never knew before, same happen to me too, and I ask questions too, I get help by people. When I came here online, I knew nothing much and I knew nothing about Cryptocurrency when you trace back 24 months, the process started for me way back in 2020 which is by this time, so, gradually I'm moving, together we move as well. If you've been using binance for over a month and doing P2P transactions, at least 20 trades, without any issues with the sellers in there, you'll definitely start your own P2P ad, offer your own rate, per any of the asset you want to be selling, either cryptocurrency or fiat currencies. Those selling digital fiat currencies at binance P2P exchange, are making whole lots of profit, that's where my mind is focused to go into, I just need more funds around $1,000 as an extra money for business. From there, you can go, set up your trade ahd pick the payment gateways that offers such kind of trade, you must be verified within those third party payment gateways in order to start selling fiat currencies especially in USD, Euros or even Bahrain Dina etc.

 

[Lens1000]

Correct man, we are here to help one another to learn something he or she never knew before, same happen to me too, and I ask questions too, I get help by people. When I came here online, I knew nothing much and I knew nothing about Cryptocurrency when you trace back 24 months, the process started for me way back in 2020 which is by this time, so, gradually I'm moving, together we move as well. If you've been using binance for over a month and doing P2P transactions, at least 20 trades, without any issues with the sellers in there, you'll definitely start your own P2P ad, offer your own rate, per any of the asset you want to be selling, either cryptocurrency or fiat currencies. Those selling digital fiat currencies at binance P2P exchange, are making whole lots of profit, that's where my mind is focused to go into, I just need more funds around $1,000 as an extra money for business. From there, you can go, set up your trade ahd pick the payment gateways that offers such kind of trade, you must be verified within those third party payment gateways in order to start selling fiat currencies especially in USD, Euros or even Bahrain Dina etc.

The major facts is that people are actually making lots of money on Binance doing the peer-to-peer transactions. I am very happy that you have shown resilience on the platform and that is exactly what you are enjoying now. I will try to raise funds for this too and at that time, I will need more of your assistance as usual. Presently, i use the Game or the Demo account to pull charts analysis of the cryptocurrency. I use the pure price action couple with one or two indicators. Trust me, I am not a fan of using the indicators, I use the pure price action. The candlesticks patterns is also a great help in the analysis of the crypto prediction.

Using the peer-to-peer is a great opportunity to make money In the crypto space. I will have to consider this In the offing. I will like to know why you chose the stablecoin as your choice of cryptocurrencies for the peer-to-peer trading. Most of the people I know used the bitcoin, Litecoin and other volatile cryptocurrency. I will like to know why you chose the USDT, the advance embedded and the potentials in the digital asset. This is basically the best way to milk money in the cryptocurrency exchange. The stablecoin is very safe from the volatility in the crypto space. It could be used to keep ones assets.

 

[sincerem]

You've already answered the reasons why I am specific of using the stable coin most when it comes to P2P trading. Litecoin is not listed on p2× platform at binance exchange, their are few coins listed on P2P platform. Coins listed on binance P2P are as follows:
DAI, USDT, BTC, ETH, BNB, BUSD, and a fiat currency for any country that is authorized for using the P2P. Like Nigerians, NGN is our own fiat currency in P2P platform, it's another stable coin there. So, in total we have more of the stable coins on binance P2P platform. I sell different stable coins, I love using the Euro fiat currency and USD, because I love accepting third party payment gateways like 'Perfectmoney, Wise, Neteller. Such brings profit, when I buy or sell any of them using a stable coin at binance P2P platform. It keeps the funds stable, it isn't affected by volatile, my profit stays long term, unless USD fiat currency drops down low when compared to naira. And we know that, USD doesn't drop down easily when compared to naira, it grows everyday in the expense of naira. Even if you save your money with the USD fiat currency, you have a better chance to see your money grow better than saving in naira.