USDT cements leadership with 72% hold on stablecoin market

exchange68September 12, 2024

0 0 1 minute read

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.

Aggregate Supply Dominance of Stablecoins: (Source: Glassnode) — Graph showing the aggregate supply dominance of stablecoins from August 2020 to November 2023 (Source: Glassnode)

A closer look at this supply reveals it’s distributed across multiple blockchains, with 48 billion on Tron and 40 billion on Ethereum.

USDT Supply by Blockchain: (Source: The Block) — Graph showing the supply of USDT across blockchains from November 2022 to November 2023 (Source: The Block)

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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