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The total supply of USDC on the Ethereum blockchain has exceeded the market-leading supply of USDT.
According to data from Etherscan, currently USDC's current total supply on Ethereum reaches 40.063 billion, while USDT's total supply on the blockchain stands at 39.828 billion.
There are various reasons for this sudden growth of USDC recently. At the beginning of these reasons, the increase in the usage rate in the DeFi market can be shown.
https://coinmarketcap.com/tr/currencies/usd-coin/
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Tether has always had issues with reserves to guarantee value for USDT, so USDC becomes a better stable coin thanks to the support of Circle and Coinbase. I also transfer part of my USDT to USDC for more peace of mind in this market.
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I am also gradually moving assets from USDT to USDC because USDC is more reliable than USDT. Tether has always had problems with its proof of assets, it will probably be used to create massive FUD in the market and start a crypto winter in 2022-2023.
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https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f
If you have USDC on the Binance exchange, immediately convert to BUSD because soon the binance exchange will no longer support USDC, it looks like Binance is planning to increase the use of stable BUSD coins for transactions
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50/50 in my wallet
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50/50 in my wallet
And why not DAI? :D
Edit: this topic is 2 years old..
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50/50 in my wallet
And why not DAI? :D
Edit: this topic is 2 years old..
I Think many people fail to understand what DAI is.
It is a decentralized stablecoin, which means that their value id controlled by smartcontracts, without a central authority like Tether or Coinbase behind.
In summary, the project brings the following benefits:
One Dai will always be worth $1.
No government or other centralized authority can shut it down.
No individual can control it.
Like other cryptocurrencies, it can be exchanged directly bypassing all middlemen.
It can be traded freely as any other ERC-20 token.
It brings trustless stability to the volatile crypto ecosystem.
Anyone from any place in the globe can receive and send it just by having an Ethereum wallet.
https://cryptonews.com/coins/dai/#What%20Is%20Dai?
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Very interesting information. Comparison of two stablecoins. In no way am I trying to convince anyone or impose my point of view. Compare the capitalizations of these coins on Tron. USDChas 300 million, USDT has almost 52 billion. Will USDT be able to give up the throne no! And this means, in the opinion of the attackers, they are not transparent, dubious, accomplices of evil.
(https://i.ibb.co/JKxG6zF/photo-2024-03-21-13-56-52.jpg)
(https://i.ibb.co/rt21qq0/photo-2024-03-21-13-57-00.jpg)
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Circle, a USDC issuer, plans to move its legal headquarters from Ireland to the U.S. amid an upcoming IPO.
P.S. Brave guys, such actions really speak volumes. Not every major campaign would do something like this. 8)
Source link: https://www.bloomberg.com/news/articles/2024-05-15/usdc-issuer-circle-to-make-us-legal-home-ahead-of-ipo
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Circle, a USDC issuer, plans to move its legal headquarters from Ireland to the U.S. amid an upcoming IPO.
P.S. Brave guys, such actions really speak volumes. Not every major campaign would do something like this. 8)
Source link: https://www.bloomberg.com/news/articles/2024-05-15/usdc-issuer-circle-to-make-us-legal-home-ahead-of-ipo
I think the future of centralized stable coins is the regulation . There is no escape. They will all have to fit in the regulations...
Usdc looks to be the safer of all of them, and the most regulated.
Usdt looks to be facing some legal problems already in Europe
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Visa research: USDC overtook USDT and became the market leader in terms of transaction volume.
According to analysts, they managed to remove potential distortions of statistics (manipulation, fraud) and reflect the real activity of users.
Link: https://visaonchainanalytics.com/transactions
(https://i.ibb.co/D7KmXrw/photo-2024-04-30-12-02-56.jpg)
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Circles, the USDC issuer, has announced the launch of a big new campaign called "Money Now Open", the point of which is to talk about the transformation that awaits the world with open internet money on open networks.
P.S. Is the implementation of the USDC into real life really happening? Who has any thoughts on this? Or is it dust in the eyes and nothing good will happen? :o
(https://i.ibb.co/hswkwgW/Screenshot-1.png)
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Tether has always had issues with reserves to guarantee value for USDT, so USDC becomes a better stable coin thanks to the support of Circle and Coinbase. I also transfer part of my USDT to USDC for more peace of mind in this market.
Well, when USDT has not had that reserve guarantee problem, since always, and in fact any other stable coin, this 'tokens' are like a bridge, you use it on the way correct, in the metaphor of the bridge they are that, a period of time, I do not understand the widespread concept that believing that you diversify between stable coins is peace of mind, well at least in a partial part of your assets but not total, I hope that is your case, otherwise I do not see what your peace of mind is.
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I'm not sure about others but I prefer to choose USDT for sake of trading instead of USDC as it's more famous and there are wide pairs available for trading. I used to use USDC sometimes for trading purpose but never used it for any other purpose.
For me both of those are just stable coins and nothing else and I'm pretty sure that USDT will hold it's peg with USD for long term without any issue. I even know some people who have bought USDT to get better profits if their own country's fiat currency falls in value.
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Circle to launch contactless payments on iPhone with USDC payment.
Circle, the issuer of the USDC stablecoin, plans to introduce contactless payments (Tap to Pay) on the iPhone. “It will soon be possible to pay on the iPhone with USDC. Wallet developers, start your engines,” Circle CEO Jeremy Allaire wrote.
P.S. There's a pretty useful option coming up for cryptans. Would you use it?
Link to the news: https://x.com/jerallaire/status/1823772497969602981
(https://i.ibb.co/YDy0b11/image.png)
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This feature will open up new opportunities for wallet developers and users, especially those interested in daily transactions with cryptocurrencies. It will bring crypto more mainstream and provide easy and secure payment options for users. Personally, this would be a nice option and I would definitely consider using it, especially if it was quick and easy to use. Would you use such a feature?
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Usdc and Usdt both are Good stable coin and now a days both Stable coin are very popular and also being popular day by day. Usdt is my favourite stable coin. I always use Usdt Coin. We know now Bitcoin price huge pumped. Any time it could be down. So now best decision Will convert my assets to stable coin. I already converted some token to usdt. When market will dump again then i will buy bitcoin and another currency by Usdt.
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Visa research: USDC overtook USDT and became the market leader in terms of transaction volume.
I don't think transaction volume is that important.
For a stable coin, it is more important to have trading volume. This is what stable coins are used for.
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I'm not sure about others but I prefer to choose USDT for sake of trading instead of USDC as it's more famous and there are wide pairs available for trading. I used to use USDC sometimes for trading purpose but never used it for any other purpose.
For me both of those are just stable coins and nothing else and I'm pretty sure that USDT will hold it's peg with USD for long term without any issue. I even know some people who have bought USDT to get better profits if their own country's fiat currency falls in value.
Many users view the use of USDT and USDC differently based on specific needs and trading strategies.USDT is the most trusted coin in the cryptocurrency world. Transactions through it can be done quickly and this coin is very important coin in terms of trading.
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I'm not sure about others but I prefer to choose USDT for sake of trading instead of USDC as it's more famous and there are wide pairs available for trading. I used to use USDC sometimes for trading purpose but never used it for any other purpose.
For me both of those are just stable coins and nothing else and I'm pretty sure that USDT will hold it's peg with USD for long term without any issue. I even know some people who have bought USDT to get better profits if their own country's fiat currency falls in value.
Many users view the use of USDT and USDC differently based on specific needs and trading strategies.USDT is the most trusted coin in the cryptocurrency world. Transactions through it can be done quickly and this coin is very important coin in terms of trading.
It is not possible to use usdt and uasc differently. They are the same thing..
There is a little diversification if you hold both, and they nothing do the same.
Used for trading, staking, etc...
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50/50 in my wallet
And why not DAI? :D
Edit: this topic is 2 years old..
I Think many people fail to understand what DAI is.
It is a decentralized stablecoin, which means that their value id controlled by smartcontracts, without a central authority like Tether or Coinbase behind.
In summary, the project brings the following benefits:
One Dai will always be worth $1.
No government or other centralized authority can shut it down.
No individual can control it.
Like other cryptocurrencies, it can be exchanged directly bypassing all middlemen.
It can be traded freely as any other ERC-20 token.
It brings trustless stability to the volatile crypto ecosystem.
Anyone from any place in the globe can receive and send it just by having an Ethereum wallet.
https://cryptonews.com/coins/dai/#What%20Is%20Dai?
Well, I just found out that DAI is a real stable coin and maybe it can be said to be the safest stable coin. I also read that USDT coins last year dumped up to 0.7 dollars for 1 USDT and USDC is the same, I once read an article about USDC dumping up to 0.7 dollars too. If USDT and USDC have ever dropped to a price of 0.7 dollars but DAI I have never heard the news.
That proves that DAI is real, a stable coin and is not centralized like USDT and USDC. But strangely enough I myself believe more in holding USDT and USDC coins if I save stable coins than I hold DAI coins.
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That proves that DAI is real, a stable coin and is not centralized like USDT and USDC. But strangely enough I myself believe more in holding USDT and USDC coins if I save stable coins than I hold DAI coins.
Technically you shouldn't hold any, just use for trading or staking....
I feel more comfortable with usdt too, but DAI cannot be frozen.
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Technically you shouldn't hold any, just use for trading or staking....
I feel more comfortable with usdt too, but DAI cannot be frozen.
In countries with high inflation, the local currency loses value against the USD, forcing people to turn to USDT to hedge against local inflation. I also prefer holding USDT over the local currency because I feel like the local currency is being printed arbitrarily and irrationally.
I used to hold many stablecoins like USDT, USDC, and BUSD, but recently I've been focusing on USDT because both USDC and BUSD have had issues. Tether's growth makes me feel more secure, and I'm not important enough for Tether to freeze my USDT.
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That proves that DAI is real, a stable coin and is not centralized like USDT and USDC. But strangely enough I myself believe more in holding USDT and USDC coins if I save stable coins than I hold DAI coins.
Technically you shouldn't hold any, just use for trading or staking....
Ah my bad, what I mean is if I have DAI I better trade it with Bitcoin so I can take advantage of it.
I also see that staking on Binance is around 4.2% APY for staking DAI, I think this value is quite large compared to the Fiat APY in Commercial Banks which is on average only around 2-3% APY.
(https://i.imgur.com/sjthGW5.jpeg)
I feel more comfortable with usdt too, but DAI cannot be frozen.
Well, I also got this information because the nature of USDT is centralized so most likely there will be a freeze of USDT coins in the destination wallet. For example, if an erc20 wallet is suspected of using money laundering or illegal transactions, the CEO of Tether could immediately freeze the wallet. Worse still, if there is a wrong target to freeze the wallet and this is what I fear.
https://medium.com/chainargos/what-happens-when-tether-freezes-your-tether-5a8ece2bd508
Above is a reference if someone from Tether freezes our wallet and this is what I fear from USDT.
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Many users view the use of USDT and USDC differently based on specific needs and trading strategies.USDT is the most trusted coin in the cryptocurrency world. Transactions through it can be done quickly and this coin is very important coin in terms of trading.
And we should also say that USDT have the biggest chance to be banned, so I wouldn't hold it for anything long term.
I just heard they canceled their own EUR stable coin because of regulation of European Union is getting more strict, and they can't keep up with that.
I feel more comfortable with usdt too, but DAI cannot be frozen.
I think this a myth.
It's enough to do something to ethereum blockchain (that is not so hard) and all DAI is gone.
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I feel more comfortable with usdt too, but DAI cannot be frozen.
I think this a myth.
It's enough to do something to ethereum blockchain (that is not so hard) and all DAI is gone.
What do you mean by all DAI is gone?
DAI is one of the largest coins by marketcap, it is in rank #27 in coinmarketcap. There is support in most CEX as well
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What do you mean by all DAI is gone?
RIP ethereum blockchain = Rip DAI = DAI gone and all tokens gone.
Simple, and not impossible like people may think.
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What do you mean by all DAI is gone?
RIP ethereum blockchain = Rip DAI = DAI gone and all tokens gone.
Simple, and not impossible like people may think.
Why do you think ethereum will die?
This is new to me. Can you explain a little more?
ETF were just approved, price is going up.... while it has many competitors such as SOL BNB SUI, ethereum is still many times bigger than they all combined.
And DAI technology can just migrate to another blockchain
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What do you mean by all DAI is gone?
~snip
This is quite a discussion here I must admit. Personally I don't think Ethereum will die yeah mathematically there is an infinitesimally small chance it could but practically speaking it's gonna actually take a lot for that to happen. Ethereum is drawing back and based on general stats it may continue for a while but that doesn't give any altcoin right now the edge over it.
Yes ETH is lagging behind currently if compared to it's expected performance however even solana and doge and some other altcoins that are doing good still don't have enough edge to remove Ethereum from it's place at the top.
That aside, based on the op I actually haven't transacted with USDC when I make use of stable coins I usually make use of USDT and based on their charts it seems USDC is way more volatile than USDT. Can anyone explain a little about this?
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That aside, based on the op I actually haven't transacted with USDC when I make use of stable coins I usually make use of USDT and based on their charts it seems USDC is way more volatile than USDT. Can anyone explain a little about this?
THere is basically no volatility. The difference you see in charts is minimum based on scale only...
they both stay between 0.999 and 1.001 basically all the time...
About a year ago there was some FUD related to USDC , people were expecting it to lose money their reserves in a bank, so the price when to about 0.80 for a few hours. But that was more than 1 or 2 years ago, and USDC never lost peg
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THere is basically no volatility. The difference you see in charts is minimum based on scale only...
they both stay between 0.999 and 1.001 basically all the time...
About a year ago there was some FUD related to USDC , people were expecting it to lose money their reserves in a bank, so the price when to about 0.80 for a few hours. But that was more than 1 or 2 years ago, and USDC never lost peg
+1 for your explanations. Anyways I think similar kind of very tiny shifts in their prices pegged to USD isn't noticed much in USDT unlike USDC.
Well sometimes I like to say some one with 1000 USDC has literally 3 digits $999 but some one with 1000 USDT has over a thousand dollars!! It's quite interesting.
Anyways I get your explanation
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+1 for your explanations. Anyways I think similar kind of very tiny shifts in their prices pegged to USD isn't noticed much in USDT unlike USDC.
Well sometimes I like to say some one with 1000 USDC has literally 3 digits $999 but some one with 1000 USDT has over a thousand dollars!! It's quite interesting.
Anyways I get your explanation
I do not agree with this. What that is letting you people think that USDT is stable than USDC is because everything is paired with USDT on the exchanges. If you compare them both with USD, you will see how they are both not stable at all but almost of the same price with USD.
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I do not agree with this. What that is letting you people think that USDT is stable than USDC is because everything is paired with USDT on the exchanges. If you compare them both with USD, you will see how they are both not stable at all but almost of the same price with USD.
Well it seems you didn't get my point. I didn't outrightly say USDT is more stable than USDC besides they are both pegged to the dollar. My point was USDC most times usually "seems" a little less than USDT in comparison though the difference is far less than a cent almost 100th sometimes
I don't know if you're familiar with trading in any way but if you have some understanding about how Forex works, you'll find out that such kind of very minute price deflection can make it possible for it to be traded against either USDT or the dollar itself. Anyways the difference is that in a case like that volatility would be way low and as a result movement will look more like a consolidation and not a trending market.
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I do not agree with this. What that is letting you people think that USDT is stable than USDC is because everything is paired with USDT on the exchanges. If you compare them both with USD, you will see how they are both not stable at all but almost of the same price with USD.
Well it seems you didn't get my point. I didn't outrightly say USDT is more stable than USDC besides they are both pegged to the dollar. My point was USDC most times usually "seems" a little less than USDT in comparison though the difference is far less than a cent almost 100th sometimes
I don't know if you're familiar with trading in any way but if you have some understanding about how Forex works, you'll find out that such kind of very minute price deflection can make it possible for it to be traded against either USDT or the dollar itself. Anyways the difference is that in a case like that volatility would be way low and as a result movement will look more like a consolidation and not a trending market.
I frequently observe this tiny differences on the market most times but it is insignificant, though it makes it look good to trade both pairs (usdt/usdc) stable coins.
Despite some people thought that usdt may depegge because of Tether suspicions of some business deal that where not transparent, i think that they are well established on the crypto space and may be difficult to see usdt crash
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To everyone with their different opinions and choice over things. USDC and USDT are both stable coins, maybe for one reason of the other, there's preference to these coins.
For me, I use USDT, as a stable coin for trading, and a place to hide in other to maintain the value of any coin I'm holding when there's a little deep or price correction. It also has more trading pairs in exchanges compared with USDC.
Also, I use USDT as a means of storage for my native fiat currency as it has effect when my native currency faces a declination in value.
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The total supply of USDC on the Ethereum blockchain has exceeded the market-leading supply of USDT.
According to data from Etherscan, currently USDC's current total supply on Ethereum reaches 40.063 billion, while USDT's total supply on the blockchain stands at 39.828 billion.
There are various reasons for this sudden growth of USDC recently. At the beginning of these reasons, the increase in the usage rate in the DeFi market can be shown.
https://coinmarketcap.com/tr/currencies/usd-coin/
I think a timely post has been made I’ll try to say something from my small song InshaAllah. The total supply of USDC to Ethereum blockchain is now 40.063 billion, which excades USDT supply of 39.828 billion. The increase in USDC’s use in the defi market behind this growth, its more reliability and its popularity in crypto finance is the main reason. USDC is currently creating a strong position in the crypto market. But when I trading I select the USDT. It has become a habit to me. Tell what you think.
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Well, mine I only use USDT I do not trade my crypto to USDC for some reasons like the price of USDC is offer way cheaper than USDT in local exchange and P2P even there is a slight differences on the price if you exchange or trade it on a local exchange there is still a huge differences except you exchange it to USD but for other local currencies like yen as an example when you exchange it the slight difference may become a big difference because of offers USDT offers higher than USDC.
The only bad news for USDT they ended support some networks like algorand and EOS. USDC no announcement yet about this but both of them support these networks until just recently USDT ended support of these network.
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USDC appears to have gained some ground recently, especially with its increased adoption in DeFi and partnerships with major platforms like Coinbase and Circle. The introduction of features like contactless payments via iPhone and Circle's IPO plans indicate that USDC is focusing on transparency and real-world utility..
On the other hand, USDT remains a dominant force in trading due to its widespread pairing options and liquidity. Despite controversies surrounding its reserves and regulatory scrutiny, a lot of people continue to rely on USDT for its market reach..
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Due to the many issues around USDT in recent times, its become an issue that has really causes the transfer of asset by many persons to what they consider even more stable and that is seen with USDC, this i believe has been the major influence on the volume as stated by OP but before now USDT was and has been always considered the most stable and safe until now that they have got too many situations around them which has to be resolved so as to rebuild that trust in them again if they must get back their volume and market cap.
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I think a timely post has been made I’ll try to say something from my small song InshaAllah. The total supply of USDC to Ethereum blockchain is now 40.063 billion, which excades USDT supply of 39.828 billion. The increase in USDC’s use in the defi market behind this growth, its more reliability and its popularity in crypto finance is the main reason.
It's nothing like that, and it's not about religion either.
USDT has been delisted on a number of exchanges for their European consumers, this since Tether didn't bother to comply with MiCa, so there's nothing fancy about this it's just that 700 million of the wealthiest countries in the world will no longer deal with USDT.
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I warned people for a long time that this could happen to USDT, but last thing I heard is that Tether is now trying to create totally new regulated stable coin.
I would not trust USDC as good alternative or any other stablecoins, they are all just one step leading to CBDC, maybe one of them becomes CBDC in future.
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It is recently that I am discovered that USDC and USDT are two different stable coins. I was using the both to sell coins and the amounts were the same price and if there is any different it was like $0.0003 so I was not feeling the impact. It was recently that I sent USDC to someone and the person converted it to USDT and they cut almost 2$ then and I USDT is slightly superior to USDC but they are all in the same category. Whenever USDT moves up and down USDC also follow.
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I warned people for a long time that this could happen to USDT, but last thing I heard is that Tether is now trying to create totally new regulated stable coin.
I would not trust USDC as good alternative or any other stablecoins, they are all just one step leading to CBDC, maybe one of them becomes CBDC in future.
Well, since 2021 I've believed that Tether has grown enough to continue to exist and lead the stablecoin sector in the crypto market. Tether proof of reserves is provided regularly, their only issue is the lack of a Big4 audit because these auditing firms haven't dared to delve into the crypto market due to legal risks. Now that the legal situation has become clearer and stablecoins have been accepted, Tether will get this audit support.
USDC is also a good stablecoin, even though it was depegged in the past when several banks in the US went bankrupt due to high interest rate pressure. It has a slightly better legal status than USDT, but neither of them is a CBDC as you're worried about. CBDCs have been removed from the US strategy, it has too many issues that the government hasn't been able to resolve regarding the management model and cash flow circulation.
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It is recently that I am discovered that USDC and USDT are two different stable coins. I was using the both to sell coins and the amounts were the same price and if there is any different it was like $0.0003 so I was not feeling the impact. It was recently that I sent USDC to someone and the person converted it to USDT and they cut almost 2$ then and I USDT is slightly superior to USDC but they are all in the same category. Whenever USDT moves up and down USDC also follow.
I also use both stable coins, USDT and USDC. The price difference is not that big. So I think both are commonly used.
However, I do like using USDT, because I am more familiar with it during crypto market transactions, especially CEX.
So honestly I don't think there is a big difference between the two.
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Regardless of supply, USDT is by far the most popular stablecoin. And USDT has the most trading pairs of all centralized exchanges, and I have seen that almost all crypto users transact a lot of USDT. CoinMarketCap analysis shows that USDT has a much higher supply than USDC, yet they are able to keep their ratio at 1:1. So for me, USDT is definitely the best.
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Regardless of supply, USDT is by far the most popular stablecoin. And USDT has the most trading pairs of all centralized exchanges, and I have seen that almost all crypto users transact a lot of USDT. CoinMarketCap analysis shows that USDT has a much higher supply than USDC, yet they are able to keep their ratio at 1:1. So for me, USDT is definitely the best.
I share a similar view. I love USDT for its popularity and Tether groundbreaking ideas in this market. However, many investors prefer USDC because Coinbase & Circle are more reputable and have better regulatory compliance than Tether.
Currently, Tether is trying to comply with the law and provide better audit proofs. I hope they succeed and continue to maintain their leading position in the stablecoin sector. As long as Tether keeps minting more USDT, I remain optimistic about the growth of the crypto market ^^