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USDC and BUSD stablecoin emission rates overtake Tether

Since September 2020, the growth rate of the supply of stablecoin Tether (USDT) has been 82%. Over the same period, USD Coin (USDC) rose 243%, while Binance USD (BUSD) grew 512%. This is stated in a report by Arcane Research.

The largest surge in USDC and BUSD emission rates was observed in September 2020. USDT issue volume surpassed the competition only in November last year.

Data: CoinGecko, Arcane Research.

USDC stablecoins are issued by the CENTER consortium, which includes the regulated company Circle and the largest US crypto exchange Coinbase. BUSD Tokens are regulated by Paxos for the Binance cryptocurrency exchange.

 

“Tether tokens are commonly used, created and redeemed by large trading companies like Alameda, Galaxy, OSL, 3 Arrows and B2C2,” analysts said.

 

Experts attribute the increase in demand for stablecoins to the growth of trading activity, in which Tether plays a key role.

 

“Despite intense competition among stablecoins, the dollar value of all USDT issued is significantly higher than USDC and BUSD,” the report says.

 

Coin Metrics analysts have discovered a skyrocketing growth in USDT stablecoin transaction volume on the Tron blockchain. In their opinion, this is due to the high fees on the Ethereum network.

Recall that in September 2020, the court ordered Bitfinex and Tether to submit financial statements to the prosecutor’s office.

On January 20, Bitfinex and Tether requested a month to transfer the documents collected on the case to the New York prosecutor’s office.

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