USDC Remains The Top Stablecoin on Ethereum as USDT Outclasses Competition on Tron

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Competition continues to heat up among stablecoins and the networks powering them. Ethereum has a dominant market position, yet its most popular stablecoin is USDC. However, Tether’s USDT continues to dominate across many other networks.

Ethereum and Tron Lead The Stablecoin Pack

It is not surprising to see the popularity of stablecoins in cryptocurrency these days. They have replaced the need for fiat currency onramps and offramps for many people. In addition, the fluctuating value of Bitcoin, Ethereum, and other assets increases demand for something that holds value. A stablecoin is an excellent solution, even if there are different ways to issue them.

Today, stablecoins represent the majority of the cryptocurrency market cap besides Bitcoin. Assets like USDT, USDC, and BUSD have a higher market cap than 99.99% of all cryptocurrencies, assets, and tokens. That situation will remain the same, even if the overall issuance of stablecoins has started to retrace. Even so, there is still well over $146 billion in stablecoin supply across numerous networks and assets. 

Number-wise, one would expect Tether’s USDT to be the main asset across all supporting networks. That isn’t the case, even though Tron-based transactions are far more outspoken than other networks. It has a 94% dominance on the network, despite Tron housing other stablecoins. 

However, things are a bit different on Ethereum. While USDT is a huge force, USDC has become the leading stablecoin on that network. As a result, the rankings between USDC and USDT will likely flip-flop in the coming months. Having options always benefits the user, and competition can be healthy. Moreover, Ethereum has become more efficient, bringing down transaction fees.

USDT vs. USDC Across The Board

Per data by DeFiLlama, one can find stablecoins across 83 different networks. Some have more obscure assets, like USK on Kujira, USD2 on Kadena, and USDW on EthereumPoW. Moreover, 20 of these networks have less than $1 million in stablecoins in total. Competing with Ethereum and Tron is rough, but it remains essential to do so.

As far as dominant stablecoin statistics go, the following numbers stand out:

  • USDT has 100% dominance on OMNI
  • USTC has 99.74% dominance on Terra Classic, signifying another stablecoin built some momentum there
  • USDC is 100% dominant on Stellar
  • EOS has a 100% USDT dominance record
  • USDC scores a perfect 100% on Elrond, Ronin, Flow, DFK, and Hedera.
  • USDT is the only viable option on Liquidchain, NEO, Zilliqa, and Statemine
  • DAI has 100% dominance on Velas

Overall, the stablecoin landscape looks rather healthy. While a 100% dominance may not invite competition, things can always change. Moreover, it is good to see USDC and USDT find their popular networks. It is now up to other pegged currencies to make inroads wherever they can. 

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