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History of the largest stablecoins USDC and USDT

RB from RB
June 26, 2022
in News
Time: 2 min
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USDC and USDT are the two main stablecoins available on the crypto markets today. Both are 100% secured in US dollars and exchangeable at face value.

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History of USDC and USDT

He was the first to appear USDT.

The first whitepaper assuming the creation of new currencies on the Bitcoin protocol was published online in January 2012 by JR Willett. From this idea, the cryptocurrency Mastercoin was born, which was not very successful. At that time, crypto-markets had not yet developed and the industry was really small.

The Mastercoin protocol, the second layer based on the Bitcoin blockchain, eventually became the technological basis for the development of the USDT, with one of the original members of the Mastercoin Foundation, Brock Pierce, co-founding Tether with the CTO of the same foundation, Craig Sellars.

In July 2014, Brock Pierce, Craig Sellars and Reeve Collins announced the launch of Realcoin, Tether's direct predecessor.  The first tokens were released in October of the same year on the Bitcoin blockchain, at the peak of the bear market after the failure of Mt.Gox. They did so using the Omni Layer protocol, which the USDT still uses today, albeit only marginally.

In November, the project was renamed Tether with plans to release three stablecoins: USTether, EuroTether and YenTether. In January of the following year, 2015, Bitfinex crypto-exchange enabled Tethering on its platform.

The market value of the USDT was almost always around $ 1.

USDT now exists mostly on other blockchains, notably Ethereum and Tron, and is still the most widely used stablecoin in the world with a market capitalization of nearly $ 67 billion and a daily trading volume of nearly $ 45 billion, making it by far the most traded cryptotoken on the market, even more than BTC.

USDC

USDC (USD Coin) is a stablecoin created in 2018 by the Center consortium, which was founded by Circle and Coinbase, registered in the USA. Coinbase is also a publicly traded company (ie subject to SEC supervision).

USDC has a market capitalization of nearly $ 56 billion and a daily trading volume of approximately $ 5.5 billion. So while the market capitalization is very close to the USDT, its trading volume is still a long way off.

The technical operation is extremely similar, although the USDC is available on fewer blockchains, the 100% is also secured by reserves of the same value.

The differences between these two stablecoins are therefore minimal, there can be no question of decentralization, both exist mainly on Ethereo and Tron, and theoretically 100% are secured and always payable at face value.

You might be interested in: WHERE TO BUY BITCOIN AND CRYPTOMEN

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
Tags: stablecoinyUSDCusdt

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