- How close is USDC to competing more effectively against Tether’s USDT?
- USDC could be on the verge of more growth courtesy of a deal between Circle and Binance.
As a seasoned crypto investor with over a decade of experience navigating the digital asset market, I have witnessed the rise and fall of numerous coins and stablecoins. In the case of USDC vs USDT, I’ve been a keen observer, and it’s clear that Tether has maintained a dominant position in the stablecoin market.
In 2024, USD Coin (USDC) has noticeably trailed behind Tether (USDT) in terms of popularity, confirming that USDT remains the most widely used stablecoin. However, could Circle manage to boost USDC’s usage and gain more adopters?
Among the key factors that helped Tether’s USDT stay ahead of USDC, it was the consistent growth in its market capitalization that stood out. Over the past 12 months, the market capitalization of USDT has shown significant expansion.
Over the past four weeks, a larger quantity of it was produced for printing, which increased its market capitalization to approximately $136.87 million as of this writing.
In contrast to its counterpart, USDC hasn’t consistently experienced continuous growth. However, the initial part of 2024 witnessed significant expansion for USDC.
In the summer of 2024, I witnessed an impressive surge in my crypto’s market cap, peaking at a staggering $55.81 billion. However, this was short-lived as substantial withdrawals ensued, causing it to plummet to a disappointing low of $24.21 billion by November.
After going into a recovery phase, USDC has significantly increased in value, reaching up to approximately $40.86 billion at the time of measurement. This implies that the current market capitalization of Tether’s USDT is roughly three and a half times greater than that of USDC.
The disparity between the two stablecoin largely lies in the level of adoption. So far, the total stablecoin market cap was at $199.74 billion.
Notably, USDC controlled 20.39% of the total stablecoin market cap, while USDT controlled 69.56%.
Approximately two-thirds (67.21%) of USDC stablecoin usage takes place on the Ethereum network, making it the most popular choice. Solana comes in second with a share of 8.25%, while Base ranks third with 6.38% adoption.
Circle plans to boost USDC dominance
As a crypto investor, I’m excited about the news that Circle is striving to increase its influence in the market. They plan to do so by teaming up strategically with Binance, which could potentially boost their position in the industry.
Reports suggest that the Binance will integrate the stablecoin into all its services and products.
1) “Binance stands as the leading cryptocurrency trading platform in terms of transaction volume, which implies that its integration could potentially escalate the demand and usefulness of USDC within the upcoming months.
It’s anticipated that this action will likely increase market fluidity and improve the behavior of stablecoins. Binance stands to gain advantages, particularly in their treasury management, due to the upcoming integration.
As a researcher, I find myself optimistic about Circle’s potential for growth in the upcoming months as it challenges USDT. Nevertheless, it is crucial to recognize that there is still a significant journey ahead for Circle to achieve the same level of dominance that its leading competitor presently enjoys.
Essentially, this partnership arrives perfectly as the market is yearning for increased fluidity. Yet, it represents a challenging journey for USDC.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- 15 Games Everyone Wants Sequels For
- LDO PREDICTION. LDO cryptocurrency
- EUR AED PREDICTION
- STEEM PREDICTION. STEEM cryptocurrency
- POL PREDICTION. POL cryptocurrency
- BDX PREDICTION. BDX cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
2024-12-12 03:35