The stable digital currency “Tether” is retreating for the first time from its ownership percentage to less than 75%
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Answer The stable digital currency “Tether” is retreating for the first time from its ownership percentage to less than 75%
The digital stablecoin “Tether” has dominated the stablecoin market for the past three years.
The company behind “Tether” continued to attract companies and individuals and mint a new record level of the digital currency “Tether”, with a total market value of nearly $27 billion at the present time.
Despite the new record set by Tether, the latest numbers are from CoinMetrics. indicate The company’s market share has fallen below 75% for the first time ever.
USDT . dollars Market dominance of stablecoins below 75% for the first time ever
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on the other side, American dollar Market dominance has grown to an all-time high ~15% pic.twitter.com/a4v6fNRTch
– CoinMetrics.io (coinmetrics) Jan 31 2021
The stable digital currency “USDC” offers faster:
Tether’s main competitor is another stablecoin, the USDC, which is supervised by Circle.
CoinMetrics reported that the share of the USDC cryptocurrency in the market has risen to an all-time high of around 15%.
According to the company’s own statistics, there is $5.1 billion in currency in circulation although Coingecko reports it is slightly higher at $5.9 billion.
The use of the USDC cryptocurrency is expected to increase as USDC-based CirclePay will be integrated into the new trading application from Blockfolio.
Circle says the USDC is issued by regulated financial institutions, and backed by fully held assets.
Tether, on the other hand, is still under investigation over its audits and could come under pressure if the new law is passed by US lawmakers.
Passing the bill would require stablecoin issuers to obtain an approved banking license, undergo audits by the Federal Reserve, obtain insurance and possibly store assets at the Fed.
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Since the same time last year, the market cap, or total supply of USDT, has increased by 520% and is currently estimated at 26.77 billion according to a transparency report provided by Tether.
On the other hand, Circle’s stablecoin has increased by 1225% in terms of supply over the past 12 months.
The “USDC” is likely to continue devouring the Tether market share especially by the new year 2021 and the growth of the use of the digital currency USDC in the DeFi arena.
Other Tether competitors:
Dai is the third largest stablecoin after the above two and has the advantage of being fully decentralized and backed by MakerDAO-based crypto collateral.
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Learn about (MakerDAO) project and (DAI) digital currency
The digital currency “Dai” has experienced tremendous growth over the past year.
There are now a record 1.6 billion “Dai” in circulation and the number has grown by 1,400% over the past year.
The BUSD stablecoin offered by Binance, pegged to the dollar, is the fourth largest stablecoin with a market capitalization of around 1.4 billion according to Coingecko.
BUSD was launched in September 2019 and its growth rate since April 2020 has been around 600%.
There are a few smaller stablecoins like Paxos, TrueUSD and GUSD but the market is still dominated by the big three mentioned above.
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