Tether still dominates stablecoins despite competition — Nansen

Regulatory tailwinds have helped Circle regain ground in the stablecoin market, with USDC outpacing USDT's growth since November.

Despite growing competition from emerging issuers, the stablecoin market remains largely dominated by a few key players. According to data from Web3 research firm Nansen, Tether’s USDt (USDT) continues to lead among US dollar-pegged stablecoins, even as competition intensifies.

As of April 25, Tether has a roughly 66% market share among stablecoins, compared to around 28% for USDC (USDC), Nansen said in the April 25 report. Ethena’s USDe stablecoin ranks a distant third, touting a market share of just over 2%.

Nansen expects Tether’s lead to endure even as rivals such as USDC clock faster growth rates.

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