USDC is becoming a more popular stablecoin than USDT

According to Glassnode data, USDC may be overtaking USDT as the crypto market’s preferred stablecoin.

The supply of USDC has recently increased, while the supply of USDT has decreased. According to the most recent weekly report from Glassnode, USDT has seen a large number of redemptions recently, reducing its supply.

The “circulating supply,” which is a measure of the number of coins currently in circulation, is the relevant indicator here.
As shown in the graph above, the total USDT supply was at an all-time high of around $83 billion(R1.3TN) earlier in the month.
However, in the last week, the indicator has dropped precipitously as approximately $7.5 billion(R119B) has been redeemed from the coin. Tether’s total supply is now $75.7 billion(R1.2B).

This decrease in USDT supply occurred following the collapse of Terra USD, as investors may have begun to withdraw from the stablecoin in fear of a similar event occurring with Tether. The coin’s peg came under pressure as supply began to fall sharply, and its price dropped as low as $0.95(R15.06) on May 12th.

However, it didn’t take long for the coin to return to near-USD levels. This is how the supply of USDC changed while this was going on:

USDC Supply Circulation

The chart below depicts the trend in Tether USD supply over the last few months:

The supply of USD Coin has been declining since February of this year, but in the last week, the indicator has flipped the trend and is now sharply rising.
The total supply of the coin is now around $51 billion(R809B), a $2.6 billion(R41B) increase over the period.
The supply trends of the two coins may indicate that investors are increasingly preferring USD Coin over Tether USD during times of fear, such as the current market.

Bitcoin Price

Bitcoin’s price is currently hovering around $29.5k(R468K), up 4% in the last seven days. The cryptocurrency has lost 27 % in the last month. The chart below depicts the coin’s price trend over the last five days.

Visited 1 times, 1 visit(s) today

Stay ahead in the financial world – Sign Up to Rateweb’s essential newsletter for free. Get the latest insights on business trends, tech innovations, and market movements, directly to your inbox. Join our community of savvy readers and never miss an update that could impact your financial decisions.

Do you have a news tip for Rateweb reporters? Please email us at


Start trading with a free $30 bonus

Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker. For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices.


Personal Financial Tools

Below is a list of tools built to assist South Africans to make the best financial decisions:



South Africa’s primary source of financial tools and information

Contact Us


Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.