Stablecoins hit $270B market cap as USDC overtakes USDT on Ethereum
Main Idea
Stablecoins have reached a record market cap of $271.1 billion, with USDC leading on Ethereum and USDT dominating on TRON, while newcomer USD1 gains traction under U.S. regulations.
Key Points
1. Stablecoins hit a record $271.1 billion in value, with USDC leading on Ethereum and USDT dominating on TRON.
2. USDC processes over $20 billion in daily transfers on Ethereum, surpassing USDT's $12-$15 billion range, due to its DeFi integration and U.S. regulated reserves.
3. USDT's activity has largely shifted to TRON and BSC, with TRON becoming its strongest network due to high transaction volumes from exchanges like Binance.
4. Newcomer USD1, a fully regulated stablecoin, has seen rising market cap and transactions since its issuance following the GENIUS Act in July.
5. DAI holds a solid third place in stablecoin transfers with nearly 26% of total transfers on Ethereum.
Description
USDT still leads globally, but the battle for network-specific dominance is just getting started.
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