Regarding stablecoins pegged on the US dollar’s market dominance, there have been changes over the past year. According to figures published by CoinGecko, however, Tether USDT has rebounded to its all-time high while the bulk of cryptocurrencies is on a downward tendency.
Tether USDT is on the Rise Unlike Other Stablecoins
On the other hand, Tether’s native currency, USDT, is increasing in value. The stablecoin’s market share has increased from 47.04% a year ago to 65.89% at the moment. While USDC’s valuation has decreased, to $29 billion, USDT’s market value has climbed to $83.1 billion from $55 billion at its peak.
Stablecoins Fall
This year, Circle’s USDC market share decreased from 34.88% to 23.05%. Dai’s proportion in the cryptocurrency market decreased from 4.05% to 3.66%, while Binance USD’s market share decreased from 11.68% to 4.18%.
Circle CEO Blames U.S. Government
In a recent interview with Bloomberg, Circle CEO Jeremy Allaire attributed the stablecoin’s declining market value to the U.S. government’s assault on cryptocurrencies. The current U.S. political climate appears to be supportive of Tether.
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