USDT supply
USDCirculating USDT across covered chains on the latest complete day, counting USDT0 and other bridged copies once.
Dashboard · VantagePlanned
USDT vs USDC Supply by Chain
Where do USDT and USDC each circulate, and how is the gap between them changing on each chain?
Where USDT and USDC each circulate chain by chain, and how the gap between Tether's and Circle's dollar coins changes over time.
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Blueprint
What the dashboard will show.
The dashboard as it will open in Vantage. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
Totals
Each coin's supply, the gap and USDC's share of the pair.
USDC supply
USDCirculating USDC across covered chains on the same day, with bridged copies such as USDC.e counted once.
USDT minus USDC
USDThe difference between the two coins' circulating supply on the latest day.
USDC share of the pair
%USDC as a share of the two coins' combined circulating supply on the latest day.
Supply of each coin over time
USDDaily circulating supply of USDT and USDC over the selected period, on one axis so the gap is visible.
By chain
Where each coin circulates and how each chain's gap moved.
Chains where USDT leads
countCovered chains where USDT's circulating supply exceeds USDC's on the latest day.
Chains where USDC leads
countCovered chains where USDC's circulating supply exceeds USDT's on the latest day.
USDC share by chain
%USDC's share of the pair on each chain, sorted, so the chains that lean toward one coin or the other stand out.
Supply by chain
USDUSDT and USDC supply on each covered chain on the latest day, with native and bridged parts stacked and labelled.
Chain by chain
Each chain's USDT and USDC supply, the gap, USDC's share and their 30-day changes, with a receipt per row.
- Chain
- Every covered chain
- Period
- Last 30 days, 90 days or one year
About
What it answers, and for whom.
USDT and USDC are both dollar stablecoins, redeemable with their issuers for dollars, but they live in different places. This dashboard puts their circulating supply side by side on each covered chain, so you can see where each one leads, where they are close and how the gap between them moves.
Both coins exist in more than one form. USDT is issued natively on some chains and travels to others as USDT0, backed by USDT locked on Ethereum; USDC is issued natively by Circle on many chains, while older bridged copies such as USDC.e remain on some. Bridged copies are labelled where they circulate and never added to the tokens locked behind them.
Read the totals first, then the chain chart to see where each coin lives and the chain table for each chain's gap and its recent change. Each figure opens the contract reads behind it.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Supply of each coin on each chain is its native contract's totalSupply() at the last block of each UTC day, scaled by decimals, minus balances held unissued in the issuer's treasury addresses.
- Bridged copies, such as USDT0 and USDC.e, are counted on the chain where they circulate and labelled as bridged; the tokens locked behind them are subtracted on the chain that holds them, so each dollar counts once.
- The gap on each chain is USDT supply minus USDC supply on the same day; USDC share is USDC as a part of the two coins' combined supply.
- Every figure is pinned to the day-end block of its chain, with the block hash and the reads in its receipt.
The data it needs
Read from chain state and history
- stablecoin_supply_dailyPublishedStablecoin supply by token and chainNative supply of each USD and EUR stablecoin on each covered chain at the chain's last block of each day, from totalSupply() reads, with bridged copies kept apart.
- stablecoinsPublishedStablecoin registryEvery tracked stablecoin contract: issuer, peg, chain, decimals and whether it is native or bridged.
- bridge_flows_dailyTo buildBridge deposits and withdrawalsDeposits into and withdrawals out of canonical and major third-party bridges by chain, token and day, plus escrow balances at day end.
- totalSupply() of TetherToken, USDT0 and USDC FiatToken contracts on each covered chain at day-end blocks
- balanceOf() of the USDT0 adapter on Ethereum and of bridge escrows holding USDC for bridged copies
- balanceOf() of Tether and Circle treasury addresses holding unissued tokens
- Tron TRC-20 USDT and Solana SPL USDC and USDT supply, once their readers are added
Questions
Questions people ask.
Which is bigger, USDT or USDC?
The totals at the top answer this for the latest complete day, from supply read on-chain. USDT has had the larger supply for most of their history, while USDC leads on some chains; the chain chart shows where each one is ahead.
What is the difference between USDT and USDC?
Both are dollar stablecoins redeemable with their issuers. USDT is issued by Tether and USDC by Circle; they differ in where each issuer is regulated, how reserves are reported and which chains and exchanges support them. On-chain, both contracts let their issuers freeze addresses.
What is USDC.e?
USDC.e is a bridged copy of USDC, minted by a bridge against USDC locked on another chain, usually from before Circle issued USDC natively on that chain. It is not issued by Circle, so it is shown apart from native USDC.
What is USDT0?
USDT0 is a version of USDT that moves between chains through LayerZero's token standard: USDT is locked in an adapter contract on Ethereum and USDT0 is minted on the other chain. It is counted where it circulates, and the locked USDT is subtracted on Ethereum.
Why does the gap move on one chain but not another?
Each chain's balance follows its users: exchanges, payment apps and DeFi protocols choose which coin to support, while issuers mint where demand is. A new exchange integration or a move from a bridged copy to native issuance can shift one chain's gap quickly.
- USDC.e
- A bridged copy of USDC, minted by a bridge against USDC locked on another chain rather than issued by Circle.
- USDT0
- An omnichain version of USDT: USDT locked in an adapter contract on Ethereum backs USDT0 minted on other chains.
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