Ethereum contains the largest number of USDC

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Blockchain
Ethereum contains the largest number of USDC

According to DeFi Llama, the Ethereum network contains a vast number of USDC (37.1 billion) in the circulating supply aggregating to 85.19%.

Today, DefiLlama, a decentralized TVL and analytics website, announced that the Ethereum network has the largest amount of USDC (37.1 billion), totaling 85.19% in circulating supply. Tron follows as the 2nd with 1.07 billion, Solana and BSC (BNB) have 988.77 million and 881 .9 million, respectively.

USD Coin (USDC) is a fiat-collateralized stablecoin. Each USDC is approved as an Ethereum-based ERC-20 token. It is securitized 1:1 by a correlating USD amount, in a mix of cash and short-term US Treasury bonds. The Centre Consortium, an organization behind USDC, includes two members: peer-to-peer payment services company Circle and regulated US crypto exchange Coinbase.

According to CoinMarketCap, USDC currently has a market capitalization of $43 billion. At press time, its daily volume was $3.6 billion.

Questions raised on Ethereum’s decentralization

Some vast speculations and skeptics surround the Ethereum ecosystem. Crypto investor Anthony Pompiliano recently stated that a major part of the Ethereum network is hosted on third-party clouds such as Amazon Web services (AWS).

Pompliano speculated that Jeff Bezos, the owner of AWS, might have control over the Ethereum network, as he could pull the cloud service down at any time.

However, Defiant’s founder and journalist Camilla Russo claims that Ethereum nodes are more decentralized, with only 33% utilizing AWS.

In his most recent blog post in September 2022, Arthur Hayes, the former CEO of Bitex, raised an important query about Ethereum’s decentralization. At press time, Lido Finance, Coinbase, and Kraken together controlled over 50% of all ETH staked on the beacon chain. Hayes was concerned that those major validators could possibly censor transactions.

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Julius Mutunkei

Julius is a blockchain reporter skilled at synthesizing all crypto-related information to make articulate texts easy for anyone to grasp. With a beginner's level certificate in Financial Analysis, Julius can read, interpret and report crypto findings to help investors exercise the best judgment in their decision-making process. When he is not caught up in the crypto frenzy, Julius likes playing a game of FIFA with his online buddies.