Does the divergence between USDT and USDC signify a winner in the stablecoin wars?

quick take

• USDT and USDC started almost simultaneously in 2018 and grew parallel to each other as the cryptocurrency market grew until 2022.
• In May 2022, USDC’s circulating supply (the sum of all coins ever created/issued) plummeted to about $50 billion, while USDT hit an all-time high of $83 billion.
• With the collapse of the UST, there has been talk of USDC flipping USDT inside out in July 2022 and coming within $10 billion of each other.
• USDC lifted its peg on March 11 and has since lost about $13 billion in circulation supply.
• USDT is now $1 billion away from hitting a new all-time high in circulating supply.
• The news just broke that Tether will regularly allocate up to 15% of its net realized operating income to Bitcoin purchases.

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