USDT cements leadership with 72% hold on stablecoin market

2023-11-24 12:45

Quick Take

The stablecoin market is witnessing an undeniable dominance by Tether (USDT), which currently holds an impressive 72% market share, a feat not seen since early 2021. This dominance is not a resurgence but a continued demonstration of Tether’s unwavering dominance, which has historically allowed it to outperform other stablecoins in circulation.

While the influence of its closest competitor, USDC, is dwindling below 20% dominance, USDT has reached a new milestone with a circulating supply of 88.5 billion.

Graph showing the aggregate supply dominance of stablecoins from August 2020 to November 2023 (Source: Glassnode)

A closer look at this supply reveals it’s distributed across multiple blockchains, with 48 billion on Tron and 40 billion on Ethereum.

Graph showing the supply of USDT across blockchains from November 2022 to November 2023 (Source: The Block)

The post USDT cements leadership with 72% hold on stablecoin market appeared first on CryptoSlate.

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market dominance tether usdt stablecoin demonstration continued

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