When BUSD was in trouble, Tether suddenly became the “safe harbor” of the community. USDT market share also increased to nearly 50% of the whole segment.
Like Kyptos reported, BUSD is falling into a severe crisis after Paxos was asked by the US government to stop issuing stablecoin BUSD. The bewildered crypto community started leaving BUSD, switching to other stablecoins.
And as the oldest stable coin, Tether (USDT) is the most popular choice among users. Currently, USDT accounts for nearly 50% of the stablecoin market share, the highest level since December 2021. The current supply of USDT is around $68.4 billion.
In second place is the USD Coin (USDC) issued by Circle. Currently, there are 41.2 billion USDC in circulation, accounting for 29.8% market share.
The third is the controversial name BUSD with 11.6% market share.
DAI issued by MakerDAO holds the fourth place with a current supply of 5.2 billion USD. This number is much smaller than the three currencies that are directly pegged to the USD mentioned above.
Stablecoin Dominance is also a notable indicator. Stablecoin dominance peaked at almost 20% at the time of the FTX crash – when coin prices plummeted and people “cash out” to more stable coins.
So far, following the market’s recovery, Stablecoin Dominance has also gradually decreased to 14.4%.
In addition, Kyptos has an infographic on the margin ratios of the three market-leading stablecoins. You can see more here:
Synthetic Kyptos
