The growth of Circle’s native stablecoin USD Coin (USDC) in the last two months compared to its $66-billion rival giant Tether (USDT) is nothing short of spectacular.
USDT, USDC market cap ratio hits the lowest on record
Notably, USDC’s market capitalization has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion.
This is the closest USDC has come to challenging USDT’s supremacy in the stablecoin sector based on the diminishing gap between their market caps.
In detail, the USDT to USDC market cap ratio was above “9” in August 2020. However, in July, it dropped to 1.20, the lowest on record, as shown in the chart below.
At the current rate — and with less than $10 billion now separating the two stablecoins — USDC can surpass USDT by market…