USD Coin, a stablecoin issued by the U.S.-based Circle Financials Ltd, is taking the lead over its top rival, Tether, when it comes to institutional adoption, according to on-chain data. The market capitalization of USDC tokens in circulation comes to be around $44 billion versus USDT's $65.42 billion. However, USDC's daily transfer value on the Ethereum blockchain has been consistently higher than USDT throughout 2022, data from Glassnode shows. For instance, as of Nov. 22, the USDC daily transfer was around $14 billion compared to USDT's $5 billion. {chart} In other words, USDC users engage in relatively higher ... (full story)