Amid the USDC temporary depeg, Tether’s USDT market capitalization rose to $74.7 billion, nearly double that of its nearest competitor.
At the time of writing, Circle’s stablecoin capitalization is $37.6 billion.
According to data from Glassnode, Tether’s dominance in the stablecoin segment has risen to 58.1%, the highest level for the asset since September 2021.
The same indicator for USDC fell to 30%. The stablecoin peaked at 38% in the summer of 2022 when USDT lost its peg to the dollar amid the collapse of the Terra ecosystem. However, the issuer did not experience any problems with the repayment of obligations and redeemed assets worth $600 million in a day.
Another factor behind Tether’s rise in popularity is likely the regulatory issues of Binance (BUSD), 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. The organization announced the suspension of the issuance of the stablecoin and the termination of cooperation with Binance.
In early March, the capitalization of the “stablecoin” of the largest crypto exchange for the first time since the end of June 2021 fell below $10 billion.
Recall that due to the USDC depeg, the algorithmic stablecoins DAI and FRAX also lost their peg to the dollar.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Amid the USDC temporary depeg, Tether’s USDT market capitalization rose to $74.7 billion, nearly double that of its nearest competitor.
At the time of writing, Circle’s stablecoin capitalization is $37.6 billion.
According to data from Glassnode, Tether’s dominance in the stablecoin segment has risen to 58.1%, the highest level for the asset since September 2021.
The same indicator for USDC fell to 30%. The stablecoin peaked at 38% in the summer of 2022 when USDT lost its peg to the dollar amid the collapse of the Terra ecosystem. However, the issuer did not experience any problems with the repayment of obligations and redeemed assets worth $600 million in a day.
Another factor behind Tether’s rise in popularity is likely the regulatory issues of Binance (BUSD), 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. The organization announced the suspension of the issuance of the stablecoin and the termination of cooperation with Binance.
In early March, the capitalization of the “stablecoin” of the largest crypto exchange for the first time since the end of June 2021 fell below $10 billion.
Recall that due to the USDC depeg, the algorithmic stablecoins DAI and FRAX also lost their peg to the dollar.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
