USDT dominance is slipping.Last Friday, it dropped to 59.45%, marking the lowest point since early 2023. This decline suggests that Tether might be losing ground in the fierce competition.
Circle’s USDC is the main contender against USDT. Just this year, USDC’s dominance climbed from 18% to nearly 30%. Simultaneously occurring, DAI’s influence has waned, shrinking from 3.5% to 1.86%.
Ethena’s USDe has been a rising star.it debuted in December 2024 and quickly grabbed 4.34% of the market, boasting a valuation of $12.275 billion. USD1 by Trump World Liberty Financial holds a smaller slice at 0.88%.
- Tether faces challenges in Europe due to non-compliance with MiCA regulations.
- In the U.S., the newly passed GENIUS Act demands greater transparency among stablecoin issuers.
Despite the competitive landscape, both USDT and USDC continue to grow.Their market caps reached new highs at $168.43 billion and $70.378 billion, respectively. These numbers suggest that the overall stablecoin market is expanding rapidly, fuelled by investor demand and regulatory developments.
