The world’s second largest stablecoin by market capitalization just hit the $50 billion mark, according to data from CoinGecko. Circle’s USDC keeps on growing as it erodes the dominance of the current leader, Tether’s USDT.

The stablecoin landscape is constantly shifting; from dollar-backed stablecoins to programmable stablecoins. However one trend has become clear over the past year which is that Tether’s dominance in the stablecoin sector is constantly diminishing.

Circle’s co-founder and CEO, Jeremy Allaire, also tweeted about the landmark achievement stating, “While 50B USDC is a big number, it’s the massive growth and ecosystem around it that tells the broader story.”