USDC-USDT flippening

[jtipt]

USDC might surpass USDT in the market soon and this is probably a much more important flippening than ETH-BTC which is talked about a lot. But Why?

It is no surprise that USDT is currently the biggest liquidity provider on exchanges. USDT has the most no of trading pairs on almost all exchanges. And Tethers shady nature is non-unknown either.
On the other hand, USDC, which is "fully backed by cash and equivalents and short-duration U.S. Treasuries" and publishes monthly attestation reports, is a much more reliable alternative.
For months now USDC is growing larger and larger. It had just a $4B market cap at the start of the year and now it stands at a $41b market cap. Nearly a 10x increase, USDT on the other hand has gone from $20B to $77B. Around 3.5x.  

If this trend continues, USDC will flip USDT within the next year, which I think is very is significant as if USDT "pyramid" collapses its effect would probably feel a little less by the whole market (it would still be catastrophic).

So what are your thoughts on this? Would USDC flip USDT in market-cap within the next year or would Tether remain dominant?

[hugeblack]

Personally, if I make a quick comparison between USDC-USDT, I will find the following:

 - USDC: More reliable, they have more reporting, but they are not listed on many platforms.
 - USDT: It is listed on many platforms, but there is no real proof of its value, although it still holds the value of 1 USD == 1 USDT.

Thus, making sure that every dollar in Teller is a real dollar is no longer a problem because we all know that they do not have enough money to cover the printed assets, but nevertheless, the persistence of the value at one dollar is the most important.

In general, if USDC manages to be listed on several platforms, They will flipping USDT fast (donot compare MarketCap it will change when many exchange listed USDC)

[tbct_mt2]

USDC is more transparent than USDT which has shady history on how it was backed by US dollar and whether it is fully backed.

USDT is older and appears (listed) on more exchanges as well as have more trading pairs and better trading volume. However, time is changing and in crypto market now, there are so many competitors. I don't conclude that USDT will lose its position soon but it might happen someday.

Not only USDC but also BUSD, DAI, etc. We have so many stable coins on market now.
https://www.coingecko.com/en/categories/stablecoins

[riskarcher]

Honestly, I've never used USDC because I prefer to use USDT which I think has the same function and is well known. USDC and USDT were created to solve three main issues, namely to facilitate the transfer of national currencies, to provide stable crypto assets, and as other options for payment. Based on those three goals, but USDT already in terms of liquidity, USDT is superior than USDC. USDT is the largest stablecoin by market cap and has the largest circulating supply. but so far I like USDT because it is widely available on various exchanges and is widely used in several IDO launchpads as payment. I think USDT never be lose because have many platform use it

[vv181]

in my own case, I mostly use usdt trc20 to transfer funds which are not available using usdc, so until usdc can be accessed with all network or most popular networks available, usdt will keep the lead.

I don't personally use the TRC network but according to their website USDT is available on the TRC20 chain, what do you mean by that?

Seeing on the website about what networks supported make me pretty much fair to say that USDC is also available on many major networks, but maybe does the problem was not many platforms accepting it? Either way, as many have said USDC are on one step forward regarding the transparency of their reserve funding, so there is a chance that the flippening is probable.

[EmmaGod]

From my understanding of the scenario, it seems like usdc has some backing by the government as they have to publish periodically to gain acceptance from users. USDT has been around for a while now and I personally don't see usdc overtaking USDT anytime soon.

[d5000]

I think such a "flippening" can definitively happen. But it would be much more important for the crypto community to ensure that none of these stablecoins ever re-gains such a dominant position like Tether in the last 3 years.

Ideally, we should have several strong stablecoins with maybe 10-20% market share each, with various different models (algorithmic/centralized/semi-centralized/metal-backed etc.).

Its the exchange operators who are in the position to ensure stablecoin diversity. If we rule out corruption/bribery/"exclusive rights", there should be no reason for any exchange operator to only allow one stablecoin on their platform - with the exception maybe of exchange operators which operate also their own stablecoins like Binance, but if a stablecoin proves to be popular, even these operators should be incentived to allow trading with them (Binance, in fact, doesn't allow only BUSD but also UST and USC).

[harizen]

If this trend continues, USDC will flip USDT within the next year, which I think is very is significant as if USDT "pyramid" collapses its effect would probably feel a little less by the whole market (it would still be catastrophic).

So what are your thoughts on this? Would USDC flip USDT in market-cap within the next year or would Tether remain dominant?

Tether being dominant might not be the appropriate term but it's no doubt, USDC is now rising in action.

The possibility to surpass the USDT has a higher chance. Just imagine the insane growth of their market cap in a year alone. It makes sense to think that USDC will be the most preferred stable coin by many in the future.

Once USDC will now be available at most trading pairs, throughout most centralized exchanges, it will be a start. Although that will take time. It's not that USDC can flip right away USDT without reasonable progress.

[SlimShadyMmp]

There are just too many pairing in USDT in many exchanges than the eyes can possibly see I think I mean you pair usdc with most coins and many people will start to think maybe its a typing error Its not about how reliable they for now I think since its working and there is no problem Many will stick to usdt unless usdc picks popularity in exchanges and that I will say lets waits 3-4 years for that to begin showing