The stablecoin flippening
Tether (USDT) and USD Coin (USDC) are the two largest dollar-pegged stablecoins. USDT has long been the market leader by circulating supply, while USDC positions itself as the more regulated, transparency-focused alternative.
The chart tracks USDC's circulating supply as a percentage of USDT's. A reading of 100% would mark the stablecoin flippening — the moment USDC overtakes Tether as the largest stablecoin.
USDC briefly closed much of the gap in 2022, then fell back after the March 2023 depeg scare. Watch this chart to see whether it can mount another run at the top spot.
See also the original Ethereum vs Bitcoin flippening and Solana vs Ethereum.