Market intelligence platform Kaiko Analytics reports that new competitors are chipping away at Tether’s (USDT) stablecoin dominance.
In a new report titled “Tether Loses Market Share,” Kaiko Analytics says that the stablecoin issuer’s market share over centralized exchange platforms (CEXs) has dipped 13% year-to-date (YTD) due to the growth of rival dollar-pegged digital assets, such as FDUSD and USDC.
“Despite its dominant market position, USDT’s market share on CEXs has been trending downwards, declining from 82% to 69% YTD. This decrease can be partly attributed to growing competition from stablecoins like FDUSD which benefit from Binance’s zero-fee promotions.
USDC has also experienced a rise in its market share, signaling a growing preference for regulated alternatives. At present, stablecoins issued in the US make up 10% of the overall stablecoin trade volume.
Only one of the top five stablecoins by market cap, Circle’s USDC, is regulated under stat
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