On-chain activity revealed by JPMorgan where Circle's USDC beats Tether's USDT: CNBC Crypto World
Issue Summary
In today's CNBC cryptocurrency world, Federal Reserve Chair Jay Powell [mentioned] the central bank's
Sentiment Analysis
This issue has a positive impact on the market. (Sentiment Score: 80)
Technical Summary
Both USDC and USDT are known as stablecoins. USDC is operated by Circle and runs on the Ethereum blockchain. On the other hand, USDT is operated by Tether and is issued via Ethereum and other blockchain networks. According to a JPMorgan report, Circle's USDC is being used more frequently on exchanges and digital wallets.
Background
The stablecoin market is garnering increased attention following the recent expression of interest by the Federal Reserve Chair in Central Bank Digital Currency (CBDC). As discussions regarding the potential issuance of a U.S. CBDC intensify, competition among existing stablecoins is becoming increasingly fierce.
Trend
This issue reflects a significant trend. Competition between USDC and USDT in the cryptocurrency market has recently intensified. With JPMorgan announcing that USDC activity volume has surpassed USDT, competition in the stablecoin market is expected to become even fiercer.
Outlook
With USDC currently outperforming USDT, its position is expected to strengthen further in the future. As more digital asset exchanges and wallets are likely to support USDC, it is anticipated that more users will choose the currency. If this trend continues, USDC is projected to occupy an even more significant position in the stablecoin market.