Markets
Tether claims nearly 75% dominance in the stablecoin market
Quick take
According to data from Glassnode, the stablecoin market continues to grow, with the combined market capitalization of the top five stablecoins exceeding $150 billion.
Leading the pack is Tether (USDT)which alone displays a market capitalization of $112 billion, thus strengthening its dominance with nearly 75% market share, a level not seen since January 2021. Tether’s significant stakes in American treasures highlight its crucial role in the acquisition of American debt.
Stablecoins: Global Supplies: (Source: Glassnode)
Data from Glassnode shows that USDC, the second largest stablecoin, has a market capitalization of $32.2 billion. However, its market share has fallen from a peak of almost 38% in July 2022 to 22% currently. This change indicates changing trends within the stablecoin ecosystem, with investors showing a growing preference for USDT.
After USDC, DAI holds a market capitalization of $5.3 billion, maintaining its position as a reliable decentralized stablecoin. TrueUSD (TUSD) and Binance USD (BUSD) round out the top five with market caps of $503 million and $70 million, respectively.
The growing market capitalization of these stablecoins highlights their growing importance in the digital asset economy, providing liquidity to the market. As Tether’s dominance increases, its influence on the broader financial landscape, particularly in terms of acquiring US debt, becomes increasingly significant.