USDT and USDC were launched around the same time in 2018 and grew in parallel with the crypto market until 2022. However, in May 2022, USDC's circulating supply dropped to around $50 billion, while USDT reached an all-time high of $83 billion. Due to the collapse of UST, there were talks of USDC surpassing USDT and getting within $10 billion of each other in July 2022. Tether has recently announced that it will allocate up to 15% of its net realized operating profits towards purchasing Bitcoin.
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USDC and USDT: A Look at Their Circulating Supply and Tether's Allocation of Profits to Bitcoin Purchases
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