Tether (USDT) once again demonstrates its dominant position in the stablecoin market, reaching a record $156 billion in circulating supply.
Record USDT Supply
According to Token Terminal, the total circulating supply of USDT has reached over $156 billion. This figure continues to grow, partly due to the distribution of the token across various blockchain networks. However, EVM networks still hold the largest share, with Tron leading at over $80 billion.
Competition with USDC
Despite USDT's success, competition with USDC, the second largest stablecoin, continues to rise. Currently, USDC has a supply of over $61 billion, making up about 24% of the total stablecoin market. This growth of USDC is further supported by Circle's successful IPO.
Current State of the Stablecoin Market
The situation in the stablecoin market is changing with new regulatory norms such as MiCA in the European Union, leading to the discontinuation of Tether's EURT. In response, Tether is investing in alternatives like EURQ and USDQ, while Circle is actively expanding its euro stablecoin, EURC.
The state of the stablecoin market showcases active changes and developments, with the potential for new players to emerge that may alter the competitive dynamics between major stablecoins.
