Despite economic uncertainty, USDT market share increases while USDC declines.
Despite economic uncertainty, USDT market share increases while USDC declines. The market share of Circle's USD Coin has decreased from 34.88% to 23.05% over the past year. The USDT in Tether paints a different picture. Over the past year, there have been some changes in the market dominance of stablecoins pegged to the US dollar. Data from CoinGecko reveals that Tether (USDT) has returned to its all-time high while the majority of them are in a downward trend. Circle's USD Coin (USDC) has seen a decline in market share over the last 12 months, going from 34.88% to 23.05% at the time of writing. During the same time period, market participation for Binance USD (BUSD) fell from 11.68% to 4.18%, while Dai (DAI) maintained its participation rate at 3.66%, down from 4.05% in May 2022. The USDT in Tether is trending in the opposite direction. The market dominance of stablecoins is currently 65.89%, up from 47.04% one year ago. While the USDC market cap fell from its peak of $55 bi...