Tether, the stablecoin giant, has not aired a single USDT on Ethereum network in the last 50 days. However, other stable assets are growing in popularity.
The latest data shows that USDT last broadcast at Ethereum on May 31. This is the longest time this asset has not been broadcast on the network in history. The ERC-20’s USDT total value is $28.9 Billion.
Ethereum network and USDT
Low demand may have caused a sudden halt to new USDT being issued on Ethereum. This is due to the high fees users pay when they interact with the smart contract network. Tron has lower fees, despite being broadcast on many blockchains, including Omni and Binance Smart Chains (BSC).
Ethereum dethroned Tron in April as the dominant USDT chain. Justin Sun’s blockchain has more than $31.9 million at the time of writing. Tether has 62.3 billion coins in total.
Can USDC surpass USDT in value?
While USDT is losing ground among the ETH ecosystem’s stablecoins, the USD Coin (USDC) is growing exponentially. Although plots are not high, the USD Coin has gained momentum since the beginning. Data show that USDC saw a rise of over 1,800% between 2021 and 2021. The coin supply has increased from 1.3 billion to 25.7 billion during the past seven months. This amount is just 3 billion more than what Ether has.
Analysts predict that the ERC20 USDC will catch up to USDT in terms of total USDC and could even outperform it. Messari’s report of June ended revealed that USDC is highly sought after, particularly by DeFi users. Also, the increasing demand for stablecoin could lead to it becoming a market leader on the Ethereum blockchain.
According to the report, tether’s share at Ethereum’s stablecoin market is likely to decrease below 50%. This increases USDC’s chances of acquiring dominance.