It appears that USDC has emerged as the most popular stablecoin on the Ethereum blockchain, jumping past Tether for the first time. Data from Delphi Digital was used to confirm the news, with Delphi writing that, “for the most part, USDC’s goodwill in the Ethereum ecosystem, has been driven by uncertainty around Tether and how it holds its reserves.” For its part, USDC says most of its coins are backed by cash or cash equivalents. Conversely, only 44% of Tether tokens are backed by cash. Delphi continued its analysis, “on the surface, users might perceive USDC and USDT as susceptible to the same risks…but USDT also bears a higher redemption risk than USDC due to the risk profile of its reserves.” Interestingly, the Financial Times recently ran a particularly harsh story on Tether’s CEO, to which Tether replied that the publication was focusing on attacking its CEO rather than how the crypto market is changing. At press time, USDC sat just under a dollar while Tether was flat at exactly $1.