Circle’s USD Coin grows as Tether loses its market share

2021-2-1 16:31

Ever since 2017, Tether (USDT) has been the biggest and most dominant stablecoin in the crypto industry. It even managed to climb to the position of the third-largest cryptocurrency by market cap. However, the project’s competitors have started catching up as of late, and USDT has actually started losing a noticeable market share to projects like USDC.

USDT market share decreases below 75%

According to recent figures provided by CoinMetrics, Tether’s market share recently dropped below 75% for the first time since it was created. While this is not great news for Tether, it is good for the crypto industry. It shows that traders are willing to explore alternative stablecoins and not fully rely on a single centralized provider for USD-pegged assets.

$USDT market dominance in stablecoins is below 75% for the first time ever

On the other hand, $USDC market dominance has grown to its highest ever level of ~15%https://t.co/ovrTyyEpuf pic.twitter.com/a4v6fNRTch

— CoinMetrics.io (@coinmetrics) January 31, 2021

As mentioned, Tether’s biggest rival right now is USD Coin (USDC), created by Circle. The coin’s market share has gone above 15%, which is a new ATH for USDC.

The company reported that there are currently 5.1 billion USDC units in circulation, while other sources have reported a somewhat higher supply of 5.9 billion.

As for why is USDC rising so much right now, it is possible that the integration of the coin, as well as CirclePay service into Blockfolio’s new trading app might be responsible.

Tether competitors are rising

While USDC has been issued by regulated financial institutions and backed by reserved assets, Tether is still controversial in this regard. This may very well be the reason why the world’s largest stablecoin is currently losing ground to its competitors.

The company has refused to allow audits, which put it under the investigators by the US lawmakers. As things stand now, USDC may continue to grow and eat into Tether’s share of the market in 2021, as well. Meanwhile, USDC, as well as other competitors, such as Dai and Binance USD (BUSD) are also seeing noticeable growth in usage and supply.

The post Circle’s USD Coin grows as Tether loses its market share appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market tether even stablecoin managed industry crypto

market tether → Результатов: 126


USDT To The Moon? Tether Inches Closer To $100 Billion Market Cap

The cryptocurrency world watches with a mix of intrigue and apprehension as Tether (USDT), the most prominent stablecoin, inches closer to a seemingly mythical $100 billion market capitalization. This monumental milestone signifies Tether’s undeniable market dominance, but it also casts a spotlight on the regulatory clouds gathering around the stablecoin and the potential implications for […]

2024-2-19 16:00


Фото:

Half-a-Billion Tether Tokens Infused In August, Yet No Signs of Crypto Market Pump

With over a $500 million influx of Tether’s USDT tokens in the crypto market this month, Tether grabs a spot in the top ten cryptocurrencies with a circulating market cap of $2. 7 billion.    Tether Hogs The Limelight, Once Again August has remained a critical month so far, with cryptocurrency market valuations dropping by 20-25% since the beginning of the month.

2018-8-26 01:00


Фото:

Huobi’s Cryptocurrency Market Index Now On Bloomberg Terminal

Cryptocurrency exchange Huobi announced that financial data firm Bloomberg has added the HB10 crypto market index on its terminal for subscribers. Huobi launched HB10 index last month, which uses weighted samples to track a pool of top 10 crypto assets traded on its platform in real-time against tether (USDT), the dollar-pegged cryptocurrency, based on their liquidity

2018-6-21 11:33