Does the divergence between USDT and USDC signify a winner in the stablecoin wars? Insights Stablecoins
Does the divergence between USDT and USDC signify a winner in the stablecoin wars?
Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin
Quick Take
- USDT and USDC started roughly simultaneously, back in 2018, and grew in tandem with one another as the crypto market also grew, all the way through to 2022.
- In May 2022, USDC took a tumble to roughly $50 billion in circulating supply – total amount of all coins ever created/issued – while USDT was at an all-time high of $83 billion.
- There were talks of USDC flipping USDT and getting within $10 billion of each other in July 2022 due to the collapse of UST.
- USDC de-pegged on March 11 and since has lost roughly $13 billion in circulating supply.
- USDT is now $1 billion away from reclaiming a new all-time high in circulating supply.
- News just emerged that Tether would regularly allocate up to 15% of its net realized operating profits toward purchasing Bitcoin.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
Latest Insights
In this insight
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$0.99989
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Bitcoin
$98,030.24
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
