USDT Surpasses USDC’s Market
Tether’s (USDT) market capitalization rose to $74.7 billion, nearly double that of its nearest competitor – Circle’s (USDC) stablecoin at $37.6 billion – when the USDC temporarily depegged.
According to data from Glassnode, Tether’s dominance in the stablecoin segment has now reached 58.1%, the highest level for the asset since September 2021, while USDC’s dominance has dropped to 30%.
This follows the USDT’s loss of its peg to the dollar last summer when the issuer redeemed assets worth $600 million in a day without experiencing any problems with the repayment of obligations.
Another factor likely behind Tether’s rise in popularity is the regulatory issues of Binance’s (BUSD) stablecoin, which has a dominance of 11%.
In February, the New York State Department of Financial Services launched an investigation into the exchange’s BUSD issuing partner, Paxos, resulting in the suspension of the issuance of the stablecoin and the termination of cooperation with Binance.
