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

Quick Take

• USDT and USDC started roughly simultaneously, back in 2018, and grew in tandem with one another as the crypto market also grew, all the way through to 2022.
• In May 2022, USDC took a tumble to roughly $50 billion in circulating supply – total amount of all coins ever created/issued – while USDT was at an all-time high of $83 billion.
• There were talks of USDC flipping USDT and getting within $10 billion of each other in July 2022 due to the collapse of UST.
• USDC de-pegged on March 11 and since has lost roughly $13 billion in circulating supply.
• USDT is now $1 billion away from reclaiming a new all-time high in circulating supply.
• News just emerged that Tether would regularly allocate up to 15% of its net realized operating profits toward purchasing Bitcoin.

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