Coinbase stated in a research report that USDC, the second largest stablecoin in terms of market value, is making a comeback with increased global liquidity and rapidly growing usage outside of the United States, leading to a sharp increase in supply in recent months. Analysts David Duong and Li Liu wrote: "Since December 1, 2023, the supply of USDC has increased by 14.3%, exceeding $3.5 billion, bringing its total market value to $28 billion, while the increase in USDT during the same period was smaller, at 8.7%." USDT is a competitor of Tether, a stablecoin based on the US dollar and the largest stablecoin to date, with a market value of $98 billion.