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%.