2023-5-18 19:47 |
Quick Take USDT and USDC started roughly simultaneously, back in 2018, and grew in tandem with one another as the crypto market also grew, all the way through to 2022. In May 2022, USDC took a tumble to roughly $50 billion in circulating supply – total amount of all coins ever created/issued – while USDT was at an all-time high of $83 billion. There were talks of USDC flipping USDT and getting within $10 billion of each other in July 2022 due to the collapse of UST. USDC de-pegged on March 11 and since has lost roughly $13 billion in circulating supply. USDT is now $1 billion away from reclaiming a new all-time high in circulating supply. News just emerged that Tether would regularly allocate up to 15% of its net realized operating profits toward purchasing Bitcoin. Circulating Supply: (Source: Glassnode)
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