The world’s second-largest stablecoin by market capitalization continues to grow as it erodes Tether’s dominance. The stablecoin landscape is ever-changing, but one trend has emerged in the last year or so: Tether’s dominance is waning. Circle, its main competitor, has just passed the 50 billion USDC mark in circulation, according to a tweet by company co-founder and CEO, Jeremy Allaire. “It’s the tremendous growth and ecology around it that tells the broader storey,” Allaire said, adding that while this is a large number, “it’s the massive growth and environment around it that tells the larger storey.” USDC has grown 10,000% in the last two years, according to him. The entire supply of stablecoins is approximately $177 billion, accounting for roughly 9.7% of the overall crypto market capitalization. As the distance between them decreases, Tether now controls roughly 45% of that total, while Circle currently controls 29%. Tether had a 74% market share this time last year, with Circle capturing only 16% of the stablecoin pie. The Stablecoin Saw $2.5 Trillion in On-Chain Transactions According to reports, the market value of Circle’s stablecoin increased by 987% in 2021. Tether’s supply, on the other hand, grew by less than a third of that, with a 275% increase during the same period. The stablecoin network saw $2.5 trillion in on-chain transactions and 4.6 million active wallet addresses in 2021 alone, according to the Circle C...
