Tether continuing to lose market share

The stablecoin market is gradually becoming less centralized as Tether’s competitors see explosive growth.
Source: CoinGecko

The total market cap of stablecoins has increased from $29 billion at the start of the year to $127 billion. Tether (USDT) has lost dominance as other stablecoins are increasing in popularity. It started the year with a market share of 75%, which has since fallen to 54%.

USDT’s closest competitor, USDC, has grown more than 700% in 2021, while the third biggest stablecoin, BUSD, has increased 12,000%. These growth rates are massive compared to USDT’s 230%.

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