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USDT cements leadership with 72% hold on stablecoin market

  • November 24, 2023
  • Posted by: admin
  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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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.

Aggregate Supply Dominance of Stablecoins: (Source: Glassnode)
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.

USDT Supply by Blockchain: (Source: The Block)
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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