Data shows Tether (USDT) has recently observed growth in its dominance, while USD Coin (USDC) and others have lost market share.
USDT Dominance Has Grown To A Value Of 67.6% Now
According to data from the on-chain analytics firm Glassnode, the relative supply dominance of USDT has continued to increase recently. The “supply dominance” here refers to the percentage of the total supply of the largest stablecoins being contributed by a given stable.
The stablecoins included here are Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). As is apparent, all of these assets are pegged to the US dollar.
These coins all having the same value is also why it’s possible to directly compare their supplies, as their market caps (the metric generally used for making these comparisons) and supplies are essentially the same.
When the value of the supply dominance goes up for any stablecoin, it means that its supply is now contributing a greater share towards the comb
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