Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

Circle’s USDC hits $50 billion in market capitalization

Ajibola Akamo by Ajibola Akamo
February 1, 2022
in Cryptos
Circle’s USDC hits $50 billion in market capitalization
Share on FacebookShare on TwitterShare on Linkedin

The world’s second largest stablecoin by market capitalization just hit the $50 billion mark, according to data from CoinGecko. Circle’s USDC keeps on growing as it erodes the dominance of the current leader, Tether’s USDT.

The stablecoin landscape is constantly shifting; from dollar-backed stablecoins to programmable stablecoins. However one trend has become clear over the past year which is that Tether’s dominance in the stablecoin sector is constantly diminishing.

Circle’s co-founder and CEO, Jeremy Allaire, also tweeted about the landmark achievement stating, “While 50B USDC is a big number, it’s the massive growth and ecosystem around it that tells the broader story.”

RelatedPosts

Circle integrates Troika IO to simplify payments for NFTs

Circle’s valuation now stands at $9 billion after revised merger agreement

What you should know

Allaire in his Twitter trend also highlighted some of the achievements Circle has had over the years. He stated, “Over 100B issued, with over 50B in circulation.  Why does that matter?  It works and has ALWAYS been redeemable for a dollar with best in class integration with the banking system.”

Circle’s stablecoin market capitalization expanded by 987% in 2021 according to CoinGecko. When compared to, Tether’s USDT supply, which saw less than a third of that growth with 275% over the same period, it is evident that the growth and adoption of USDC have been at an astronomical rate as it is getting more users, using its token.

News continues after this ad


According to the Circle CEO, the stablecoin network grew by 10,000% over the past two years and has seen $2.5 trillion in on-chain transactions and 4.6 million active wallet addresses in 2021 alone. He also mentioned that the USDC token runs and its currently available on eight different distinct blockchains. He stated that USDC is also supported by 200 protocols and can be traded in more than 180 countries on 34 exchanges. Although Tether’s USDT is till the dominant force in the stablecoin ecosystem, however, the Goldman Sachs-backed digital payment company Circle is closing in fast.

As previously reported, the USDC supply has already flipped USDT on the Ethereum network. Tether supply is currently split mostly between Ethereum and Tron with around 39 billion and 36 billion USDT on each network respectively and the rest on a handful of others such as Solana, Omni, and Algorand according to its transparency report.

News continues after this ad


The total stablecoin supply currently stands at $177 billion, equating to around 9.7% of the total crypto market capitalization. Tether commands around 45% of that total, whereas Circle now takes a 29% share as the gap between them closes. When compared to last year, Tether had a dominance of 74% with Circle taking just 16% of the stablecoin pie.

Circle has announced that it had expanded its multi-chain ecosystem by adding support for Dapper Labs’ Flow network.

Related

Tags: CircleCircle’s USDCTether’s USDT

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Ukraine ship full of grains is headed for Ethiopia
    • Equity market gains N43 billion in market cap to erase previous day’s loss
    • Applause as LandWey earns ISO 9001:2015 Certification on Quality Management System

    Follow us on social media:

    Recent News

    CBN, Wheat

    Ukraine ship full of grains is headed for Ethiopia

    August 16, 2022
    Closed Period, Investors' demand for Nigerian stocks climb, as portfolio investment gains N223.4 billion, NSE CGI down by 0.93%, as shares of Unilever, Dangote Sugar, PZ decline, Positive Sentiment drives N13.54 billion Appreciation in Market Capitalization

    Equity market gains N43 billion in market cap to erase previous day’s loss

    August 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com