USDC to surpass USDT as largest stablecoin? This report could be key

ambcrypto.com:

The much-talked-about fight between the stablecoins continues to see new daylight. Especially, with the ongoing feud between USD Coin (USDC) and Tether’s (USDT). Some analysts even say that the former might just flip the latter to gain the #1 spot.

But how true and feasible does this stand to be?

To understand how stablecoins navigated the stormy market conditions and whether Arcane's stablecoin predictions for 2022 stand the test of time, click below:https://t.co/uL5tTWFQlT

— Arcane Research (@ArcaneResearch) July 26, 2022

The entire crypto space felt a negative impact from the failure of the algorithmic stablecoinUST and Terra’s native token, LUNA.

Top stablecoin projects like Tether’s USDT and Circle’s (USDC) remained stuck given the harsh rippling effect. Even at press time, the market couldn’t be considered as completely recovered.

At the end of Q2, the total stablecoin supply stood at $151.3 billion, down $35.1 billion, or 18.8%, over the last quarter; the largest quarterly drawdown in the history of stablecoins. Arcane Research’s latest report on stablecoins alsoshared a few insights to discuss the fall.

Source: Arcane Research

Of late, it looks like USDC is taking a run at the title of the top stablecoin in crypto. It stood at a market valuation of over $55 billion.

While USDT, at press time, had a market capitalization of $65.8 billion although decreased by 1.5%.

Now here’s the interesting narrative. As per the data released by Arcane Research, it predicted that USDC could surpass the largest stablecoin by market cap. Here’s a glimpse of the potential growth projections in 2022.

Source: Arcane