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Even with several high-profile collapses and de-pegging events in recent years, stablecoins have continued to capture market share from fiat, reflecting strong demand increasingly. Although the stablecoin market is still highly concentrated, with Tether’s USDT at the forefront, its dominance has been eroding over the last two years.Tether is Slowly Losing Market Share
This could partly be due to the heightened competition from stablecoins like FDUSD, which benefited from Binance’s zero-fee promotions in addition to the increasing demand for regulated options like USDC. By the end of June, USDC’s market share reached an all-time high of 12%, fueled by trading volumes on Binance, Bybit, and OKX. Yield-bearing stablecoins also saw increased interest, with issuers such as Paxos and Tether introducing their own alternatives in Q2 to meet this demand.The implementation of the MiCA regulation has driven up demand for compliant stablecoins, positioning Circle’s USDC as a key beneficiary.
In response, major crypto exchanges such as Binance, Bitstamp, Kraken, and OKX have already started delisting non-compliant stablecoins, including Tether’s USDT, for European users. Kaiko’s data shows that the share of compliant stablecoins has been growing over the past year, reflecting an increasing preference for more transparent and regulated options, with USDC emerging as the primary winner in this evolving market landscape.
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