Quick Take
The stablecoin market is witnessing an undeniable dominance by Tether (USDT), which currently holds an impressive 72% market share, a feat not seen since early 2021. This dominance is not a resurgence but a continued demonstration of Tether’s unwavering dominance, which has historically allowed it to outperform other stablecoins in circulation.
While the influence of its closest competitor, USDC, is dwindling below 20% dominance, USDT has reached a new milestone with a circulating supply of 88.5 billion.
A closer look at this supply reveals it’s distributed across multiple blockchains, with 48 billion on Tron and 40 billion on Ethereum.
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