Tether Market Share Slides as Circle’s USDC Makes Big Gains

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Tether has dominated stablecoin markets for the past three years as the treasury has kept churning them out with a record level of almost 27 billion in USDT circulating now.

The latest figures from CoinMetrics, however, indicate that its market share has dropped below 75% for the first time ever. More stablecoin options are good for the industry in general as reliance on one centralized provider for dollar-pegged assets is never a good idea.

$USDT market dominance in stablecoins is below 75% for the first time ever

On the other hand, $USDC market dominance has grown to its highest ever level of ~15%https://t.co/ovrTyyEpuf pic.twitter.com/a4v6fNRTch

— CoinMetrics.io (@coinmetrics) January 31, 2021
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