Looks like Circle is making some moves again. After the launch of $OUSD, they seem to think they’ve got some competition. First thing they do? Try to undermine the consortium.
Now they claim they’ve taken over the stablecoin space with 70% market dominance.
I’m not sure if those numbers are accurate. I haven’t really used USDC; I’m mostly into Tether’s USDT.
Feels to me like it’s just another PR stunt to hype up their market position in the stablecoin game.
So, have any of you actually used USDC? Do you think there’s any truth to this report?
USDC might be more dominant in these statistics because their volume is more visible. USDTs volume is mostly happening on centralized exchanges whereas USDC gets a lot of its usage in decentralized finance.
Overall, USDT still has a bigger market cap because it is widely used in developing countries. On-chain metrics dont tell the whole story. Different groups of people will prefer one over the other depending on what their needs are.
I personally think that number is valid because Circle USDC more often in leading the stable coin volume started from this year compared to the USDT. However, the number needs to be adjusted a little bit. It's more like USDC has 66.6% of dominance compared to the USDT with 33.3% dominance.
To think USDC is owninng 75% volume sounds a bit non sense because sometimes, USDT could also surpass USDC in term of volume too. So it's not always stay between 75% - 25%.
Fyi, i'm active user of stable coin, but i'm much more often use USDC instead of USDT because of CCTP makes it more easy to tx from one chain to the another chain.