$USDT vs $USDC
People are increasingly worried that Europe may ban the use of USDT. However, I believe there is no need to worry, as USDT can be easily exchanged for USDC. Let's take a closer look at the differences between USDT and USDC.
USDT Information:
Tether (USDT) is the world's first stablecoin, backed by US dollars held in bank accounts by Tether Limited, pegged to the dollar at a 1:1 ratio. It was created in July 2014 and operates on multiple blockchains, including Ethereum (ERC-20), Tron (TRC-20), and Omni (Bitcoin). However, by the end of 2024, due to compliance issues, the MiCA regulations will cease to support USDT in Europe. The main issue lies in Tether's lack of transparency and oversight as required by MiCA. But I believe this is a temporary blockade, and Tether will resolve this issue with MiCA.
USDC Information:
USD Coin (USDC) is another stablecoin, also backed by US dollars at a 1:1 ratio. It was created in 2021 and is managed by the Centre consortium, co-founded by Coinbase and Circle. USDC is supported on multiple blockchains, including Ethereum, Algorand, Solana, Stellar, and Tron.
Tether is the largest dollar stablecoin globally, recording a record profit of $4.52 billion in the first quarter of this year. However, its market share has declined to 69%. Meanwhile, the market share of the Circle-regulated alternative USDC has grown to 11%.
Surprisingly, some traders claim that USDT and USDC are scams. These are essentially the crypto form of dollars, much more stable compared to the highly volatile meme coins. That said, I do not recommend that you buy or hold USDT or USDC—this is entirely up to you.
In short, both USDT and USDC are 1:1 dollars—stable and reliable.
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