Tech

USDT dominance exceeds 60% – fundamentals for stablecoins declining at rapid rates

03/23/2023
Bitcoin Ethereum News

Quick Take

  • USDT dominance exceeds 60% for the first time since June 2021.
  • The other top four stablecoins have all seen dominance decline.
  • USDT circulating supply has eclipsed $75 billion.
  • Looking from a fundamentals perspective; Active addresses, transfer counts, transfer volume are all declining at rapid rates.

Dominance

USDT: 61%

USDC: 28%

BUSD: 6%

DAI: 4%

Stablecoin Dominance: (Source: Glassnode)
Stablecoin Dominance: (Source: Glassnode)
Active Addresses: (Source: Glassnode)
Active Addresses: (Source: Glassnode)
Transaction Count: (Source: Glassnode)
Transaction Count: (Source: Glassnode)

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Source: https://cryptoslate.com/insights/usdt-dominance-exceeds-60-fundamentals-for-stablecoins-declining-at-rapid-rates/