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Stablecoin

Tether dominance drops to new 3-year low as other stablecoins gain traction

Tether dominance, or Tether's percentage of total stablecoin supply in circulation, dropped to a 3-year low this week as it fell to less than 73%. Just three months ago, Tether's dominance was still hovering around 96%.

The decline in dominance can be explained by 2 factors: 1) the rise of new stablecoins and 2) Tether destroying almost a third of its supply. TrueUSD, USD Coin and Paxos now all have a circulating supply north of $170 million while Gemini is trailing with nearly $85 million.