Tether’s Market Share Has Been Gobbled Up By USDC

The second-largest stablecoin in the world is seemingly eroding the influence and dominance of the current leader- Tether- as it has been capitalizing rapidly. The landscape of stablecoin is pretty simply a constantly-shifting dynamic but there has been a single trend over the last year which has been quite eye-catching- the dominance of the world’s largest stablecoin has been going down gradually. Its main opponent, Circle has recently touched a milestone of 50 billion USDC in its circulation, which has been reported by a tweet on Tuesday by Jeremy Allaire, the CEO, and co-founder.

Tether’s Dominance Could Be coming to an end 

Allaire went on to mention that although Circle has been putting in a massive number, the massive growth and the ecosystem that surrounds it tell a completely different and varied story. He further added that the USDC has been seeing a growth of 10,000% over the last two years, which has been more than what Tether has been able to manage in the same period of time. 

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The total supply of stablecoin currently stands at around $177 billion, which equates to around 9.7% of the entire crypto market capitalization. Tether itself commands around 45% of that impressive total, while Circle has slowly been taking with itself a much bigger 29% share as the gap between them keeps on closing. For reference, the last time the world’s largest stablecoin had a dominance of 74%, Circle had around 16% of the same pie. 

The market stabilization of the Circle stablecoin went on to expand by around 987% in 2021 according to CoinGecko. At the same time, the supply of Tether held less than a third of the same growth at just 275% in the same period.