Insights

Majority of stablecoins re-store peg as USDT dominance hits 58%

exchange68September 13, 2024

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Quick Take

Over the past few days, stablecoins lost the peg to $1; the main headline was USDC.
USDT was trading at a premium all other stablecoins were trading at a discount to the $1 peg.
USDT has now returned back to the $1 peg.
USDC, BUSD, and GUSD are now roughly back at $1.
While DAI is slightly under $1.
USDT dominance increases to 58%, a high that was last seen back in mid 2021.

Stablecoin Dominance: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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