USDC and USDT Sustain Tight Stablecoin Dominance Contest

• Cryptoquant data reveals a tight dominance contest between USDC and USDT.
• The market capitalization share of USDC is 43.78%, while that of USDT is 44.60%.
• Users consider the USDC-USDT competition a self-check mechanism good for the community.

Data from Cryptoquant, the on-chain data platform, reveals a close contest between USDC and USDT stablecoins in terms of dominance. According to a Cryptoquant analyst, the market capitalization share of USDC on the ETH chain is 43.78%, while that of USDT is 44.60%.

The stablecoin war is in full swing.

"Who will win the stablecoin market in #ETH chain, $USDC with 43.78% market capitalization share, or $USDT with 44.60%?"
by @AxelAdlerJr

Linkhttps://t.co/w6eteK2eUz

— CryptoQuant.com (@cryptoquant_com) March 22, 2023

The USDC stablecoin became a victim of the ongoing banking crisis in the United States when its relationship with the now-defunct Silicon Valley Bank implied a loss of value. A Cryptoquant review showed that the Circle-owned stablecoin coin had lost up to 7.06% of its value since the crisis began.

Contrary to the struggles of USDC, the direct competitor, USDT, has gained about 6.2% during the same period, …

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