Despite the growing competition by aspiring issuers, the StableCoin market remains to be largely dominated by some essential players. According to data from the Web3 research company Nansen, Ther's Usdt continues to guide under US dollars, even when the competition is increasing.
From April twenty fifth, Tether (USDT) has a market share of around 66% in stable coins in comparison with around 28% for USDC (USDC), Nansen said within the report of April 25. The Usde StableCoin in Ethena occupies a distant third and advertises with a market share of just a little greater than 2%.
Nansen expects Thers lead to guide competitors similar to the USDC clock faster growth rates.
“With almost 3 times as many users as uniswap and 50+% more transactions than the subsequent app, the Tether steadily is the largest application in Onchain activity,” said Nansen.
“Despite the potential dispersion in stables, we inevitably consider that it is a market-marketest dynamic of the winners,” added the Web3 researcher.
Tether has 66% of StableCoin's market share. Source: nansen
Tether can also be essentially the most profitable StableCoin -Medent, who drives almost 14 billion US dollars at 2024. The company generates revenues by accepting US dollars for Mint-Enddt and subsequently investing these dollars in highly liquids, returning instruments similar to US finance ministries.
“In view of the expansion of USDT and USDC, the users clearly express that they don’t necessarily handle the return in the event that they leave them as much as Tether and Circle, just need to access essentially the most liquid and” stable “/ least perceived stable coin,” said Nansen.
Competitive landscape
The adoption of USDC has accelerated since November when the election victory of US President Donald Trump redeemed a less expensive US regulatory environment for crypto, said Nansen.
Stablecoin from Circle from Circle was “particularly attractive to institutions that require regulatory clarity,” the report said.
USDC is now “intensifying the competition as essential traditional financial institutions (i.e. loyalty, PayPal and banks), entering the market,” said Nansen, adding that stable coins, including Pyusd and Ripple -SD, “quickly compete in traction”.
On April 25, the payment processing strip plans to create a brand new StableCoin product after bought StableCoin Platform Bridge last yr.
Despite its lower market share, the stable coat button still stays “competitive on most fronts”, partly as a result of integrations on central stock exchanges (CEXS) and decentralized financing protocols (DEFI) protocols, the report says.
Since the beginning in 2024, Ethena stablecoin has achieved a mean annual return of approx. 19%, in response to Ethena's website.
