Tether’s market share dips below 60% for first time since 2023

Tether’s share of the stablecoin market has dropped beneath 60% for the primary time in additional than two years, signaling a shift in an business that continues to broaden at unprecedented charges.

Data from DeFiLlama reveals the issuer’s market dominance fell to 59.55%, its lowest degree since March 2023, even because the broader stablecoin sector reached a contemporary all-time excessive above $283 billion.

Again in March 2023, a temporary depeg of Circle’s USDC pushed customers towards Tether’s USDT, permitting it to consolidate its lead. By November 2024, Tether commanded practically 70% of the sector, cementing its function because the industry’s dominant asset.

Nonetheless, that place started to erode in 2025 as new gamers gained floor.

Conventional monetary corporations, together with Financial institution of America, have entered the fray, whereas blockchain-native challengers comparable to Ripple’s RLUSD are capturing significant market share.

Furthermore, regulatory momentum, notably the passage of the GENIUS Act, has strengthened the aggressive setting.

Analysts say these guidelines might speed up institutional adoption and broaden the market nicely past its present measurement. Coinbase has projected that the whole worth of stablecoins could reach $1.2 trillion by 2028 below these circumstances.

Regardless of shedding floor, Tether stays the sector’s largest issuer by a large margin. As of press time, USDT maintains a market capitalization of $168 billion, which is twice that of Circle’s USDC, its closest rival.

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