USD Coin (USDC) has surged ahead in the market share race on Binance, overtaking Tether (USDT).
How is USDC Thriving on Binance?
Over the past year, USDC's share on Binance skyrocketed by 1,621%, attributed to the EU regulations and Binance’s decision to phase out USDT for EU customers by March 2025.
What Challenges Does Tether Face?
Tether faces challenges due to MiCA regulations, which compel exchanges to transition to compliant stablecoins. Major exchanges like Coinbase and Crypto.com opting to remove USDT threaten Tether's market position.
Market Implications
These developments could lead to a significant shift in the stablecoin market, with USDC possibly overshadowing Tether’s dominance. The upcoming months will be critical for assessing Tether's ability to maintain its global position amid evolving regulations and competitor growth.
Amid regulatory changes and market strategy shifts, Tether's market position is questioned as USDC solidifies its stance.
