The much-talked-about combat between the stablecoins continues to see new daylight. Particularly, with the continuing feud between USD Coin (USDC) and Tether’s (USDT). Some analysts even say that the previous would possibly simply flip the latter to achieve the #1 spot.
However how true and possible does this stand to be?
Dethroning the ruler
The crypto ecosystem entered the seven seas in 2022, and stablecoins weren’t left unphased.
To know how stablecoins navigated the stormy market situations and whether or not Arcane’s stablecoin predictions for 2022 stand the check of time, click on beneath:https://t.co/uL5tTWFQlT
— Arcane Analysis (@ArcaneResearch) July 26, 2022
All the crypto house felt a unfavourable impression from the failure of the algorithmic stablecoin UST and Terra’s native token, LUNA.
High stablecoin tasks like Tether’s USDT and Circle’s (USDC) remained caught given the cruel rippling impact. Even at press time, the market couldn’t be thought-about as fully recovered.
On the finish of Q2, the total stablecoin supply stood at $151.3 billion, down $35.1 billion, or 18.8%, during the last quarter; the biggest quarterly drawdown within the historical past of stablecoins. Arcane Analysis’s newest report on stablecoins additionally shared just a few insights to debate the autumn.
Of late, it seems to be like USDC is taking a run on the title of the highest stablecoin in crypto. It stood at a market valuation of over $55 billion.
Whereas USDT, at press time, had a market capitalization of $65.8 billion though decreased by 1.5%.
Now right here’s the attention-grabbing narrative. As per the information launched by Arcane Analysis, it predicted that USDC may surpass the biggest stablecoin by market cap. Right here’s a glimpse of the potential development projections in 2022.
The evaluation projected a leap from USDC to the highest. Certainly, the report stated that USDC would climb about USDT in market worth someday in October 2022.
Resulting in this
USDC did certainly showcase some promising stats to help the aforementioned prediction. As an example, a month in the past, it crossed Tether’s USDT by the variety of day by day transactions on the Ethereum blockchain.
Moreover, Circle’s coin stays the most-used stablecoin within the transferring quantity side. As per Dune analytics, USDC holds a share of 52.5% on this entrance. Tether solely has a share of 21.4%.