Despite the growing competition by aspiring issuers, the StableCoin market remains to be largely dominated by some necessary players. According to the info from the web3 research company Nansen, Ther's Usdt (USDT) continues to steer under US dollars, even when the competition increases.
From April twenty fifth, Tether 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 somewhat greater than 2%.
Nansen expects Thers lead to steer competitors equivalent to the USDC clock faster growth rates.
“With almost 3 times as many users as uniswap and 50+% more transactions than the following app, the Tether steadily is the most important application in Onchain activity,” said Nansen.
“Despite the potential dispersion in stables, we inevitably consider that this can be a market-marketest dynamic of the winners,” added the Web3 researcher.
Tether has 66% of StableCoin's market share. Source: nansen
Tether can 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 equivalent 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 spend them as much as the bandage and circle, they simply need to access essentially the most liquid and” stable “/ most 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 necessary 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 12 months.
Despite its lower market share, the stable coat button still stays “competitive on most fronts”, partly on account 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 median annual return of approx. 19%, based on Ethena's website.
