Over the past year, Circle’s USD Coin has experienced a significant decline in its market share, while Tether’s USDT has gained ground. Here are the most important things to know about this trend:
1. Circle’s USD Coin has seen a decline in market share: Over the past year, Circle’s USD Coin has experienced a decline in its market share from 34.88% to 23.05%. This is a significant drop and indicates that other stablecoins are gaining popularity.
2. Tether’s USDT has gained ground: While Circle’s USD Coin has seen a decline in market share, Tether’s USDT has gained ground. Tether is currently the most popular stablecoin, with a market share of over 60%.
3. Competition is increasing: The decline in market share for Circle’s USD Coin and the rise of Tether’s USDT indicate that competition in the stablecoin market is increasing. Other stablecoins, such as Binance USD and Dai, are also gaining popularity and could potentially challenge Tether’s dominance.
In summary, over the past year, Circle’s USD Coin has experienced a decline in market share, while Tether’s USDT has gained ground. This trend indicates that competition in the stablecoin market is increasing, and other stablecoins could potentially challenge Tether’s dominance in the future.