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Bitcoin surges to $97k as market leverage hits historic $63 billion Memecoin revival drives Solana DEX Raydium past Tether in fees Ethereum falls to 4-year low against Bitcoin as BTC breaks above $94k Bitcoin ETFs record over $1 billion inflow in 2 days as new price peak boosts investments Stablecoin market hits 2-year high of $183B amid Trump victory fueled optimism
USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates James Van Straten · 2 years ago
Insights Stablecoins

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

USDC, DAI, and BUSD are continuing to make new lows as USDT supply continues to increase and dominance exceeds 60%.

James Van Straten / @jvs_btc / Mar. 23, 2023 at 2:40 pm UTC

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)
Stablecoin Dominance: (Source: Glassnode)
Active Addresses: (Source: Glassnode)
Active Addresses: (Source: Glassnode)
Transaction Count: (Source: Glassnode)
Transaction Count: (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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In this insight

Tether USDT (24h)
$1.00095 +0.01%
Vol: $193.21B MCap: $130.27B

Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.

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