Insights

USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates

exchange68September 13, 2024

0 0 1 minute read

Quick Take

USDT dominance exceeds 60% for the first time since June 2021.
The other top four stablecoins have all seen dominance decline.
USDT circulating supply has eclipsed $75 billion.
Looking from a fundamentals perspective; Active addresses, transfer counts, transfer volume are all declining at rapid rates.

Dominance

USDT: 61%

USDC: 28%

BUSD: 6%

DAI: 4%

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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