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Tether has helped recover $87 million in USDT to date

Stablecoin issuer Tether has helped users recover $87 million in USDT sent to wrong addresses since its launch in 2014, its CTO Paolo Ardoino told The Block. Just earlier this week, for instance, Tether recovered nearly $1.5 million in USDT on behalf of users, according to Ardoino. As The Block has reported previously, Tether has a recovery mechanism in place that allows it to blacklist addresses on the Ethereum and Tron blockchains, freeze funds in those addresses, and issue new …

USDC’s supply on Ethereum surpasses that of USDT’s for the first time

The total supply of the USDC stablecoin on the Ethereum blockchain has surpassed that of rival Tether’s (USDT) for the first time. The current total supply of USDC on Ethereum stands at 39.92 billion, whereas USDT’s total supply on the blockchain stands at 39.82 billion, according to Etherscan. USDC’s supply beating USDT’s on Ethereum is significant since the blockchain remains a major contributor of growth for both stablecoins. USDC and USDT are available on several blockchains, including Solana and Algorand. …

Stablecoin supply grew by 388% this year, driven by DeFi and derivatives

The market for stablecoins experienced breakneck growth in 2021, with the supply for dollar-backed cryptocurrencies surging by 388%, according to data compiled by The Block Research.  As indicated by The Block Research’s 2022 Digital Asset Outlook report, the aggregate supply of stablecoins has increased from $29 billion at the start of 2021 to more than $140 billion. That growth benefited a swathe of stablecoins, including tether (USDT) and USD coin (USDC), which is managed by a consortium that includes Circle …

Circle’s USDC stablecoin deployed on Avalanche blockchain

Circle has launched its USD Coin (USDC) stablecoin on the Avalanche blockchain network, the company announced on Tuesday. The news marks another boost for Avalanche’s stablecoin diversity push following Tether’s launch of its USDT stablecoin in November, as well as e-Money’s suite of interest-bearing, fiat-backed stablecoins earlier in the year. As part of the announcement, Circle stated that USDC support on Avalanche could empower more developers to build eco-friendly decentralized finance (DeFi) applications. Avalanche’s DeFi scene has grown over 30-fold …