USDT still hangs onto the top position among stablecoins

At the start of the year, many analysts expected USDC to overtake USDT's position as the largest stablecoin by market cap. This has not unfolded, and USDT is still by far the most dominant stablecoin.
Source: CoinGecko, Messari

USDC ended 2021 strongly and held onto its momentum in the first five months of 2022, increasing its market share from 27% at the start of the year to 35% in June. USDT has continued last year's trend of slowly but surely losing market share, starting the year at 49% and now sitting at 45%.

Most of USDC's growth came during the algorithmic stablecoin UST's collapse in May, which led many previous UST holders to move the remainder of their funds into the more stable and regulated USDC. USDC is the most popular stablecoin for yield generation in DeFi applications, attracting a similar (but hopefully more conservative) user base than UST.

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