USDC v. USDT – Is this stablecoin nearing its ‘Circle’ of life?

ambcrypto.com:

The stablecoin market, like the rest of the cryptocurrency ecosystem, continues to see new updates every day. Things changed rapidly, especially after TerraUSD [UST] came into the picture only to crash and burn. Now, while some struggled to move on past the de-pegging event, others might have found a solid ground to stand on

Tether (USDT) has been the dominant force in stablecoins for a few years now. However, Tether’s closest rival, Circle’s USD Coin (USDC), might be the one making headlines today.

Around five months ago, USDC surpassed a milestone of 50 billion USDC in circulation. Despite the achievement, USDT maintained a significant gap over the rest of its competitors. Mostly on the front of market capitalization and the number of daily transactions on the Ethereum [ETH] blockchain. Now, this gap may have taken a big hit.

Circle’s USD Coin (USDC) stablecoin has FINALLY crossed Tether’s USDT by the number of daily transactions on the Ethereum blockchain. Alex Svanevik, CEO of on-chain data hub Nansen, shared this milestone on Twitter too.

Source: Nansen

Circle’s dollar-pegged stablecoin is yet to flip USDT by market cap. The two cryptocurrencies are currently valued at $67.8 billion and $55.5 billion, respectively. But, Tether might lose its footing or even the battle, given the headwinds. On the other hand, amidst this chaos, USDC found interest from investors in the market.

Terra’sUSD de-pegging and eventual collapse sent shockwaves across the crypto-market. Major stablecoins such as Tether [USDT] and USD Coin [USDC], and DAI saw major changes. USDT, in fact, still hasn’t achieved the $1-peg as it circled around the $0.99-mark at press time.

To make matters worse, Tether’s Chief Technical Officer Paolo Ardoino confirmed