Total USDC supply crosses 1 billion after token supply surge in June
The total supply of stablecoin USDC surpassed 1 billion on July 1, network data shows.
The stablecoin, issued by the CENTRE consortium backed by Coinbase and Circle, experienced a supply surge in June when its total jumped 37% from 730,920,001 to 1,002,228,740. The number also represents a 93% increase from the beginning of the year.
Despite the growth, however, USDC is still far behind tether, the most popular stablecoin in the world. The total Tether supply is ten times that of USDC, according to Coin Metrics data.
At press time, the total market share of USDC on Ethereum stands at around 13%, while Tether still leads the pack with 78%. Tether is also issued on Omni and Tron.
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Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.
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