According to CoinGecko data, Tether (USDT) has seen its market dominance increase, reaching 65.89% from 47.04% one year ago. Tether's market capitalization has soared to $83.1 billion, while the market cap of USD Coin (USDC), issued by Circle, has dropped to $29 billion from its peak of $55 billion. Other stablecoins like Binance USD (BUSD) and Dai (DAI) have also experienced declines in their market share during this period.
Circle CEO Jeremy Allaire attributed the decline in USDC's market capitalization to the regulatory crackdown on cryptocurrencies in the United States. The USDC stablecoin faced issues with its peg to the dollar in March due to the U.S. banking crisis, which resulted in reserves worth $3.3 billion being stuck at Silicon Valley Bank.
The passage also mentions the growing connection between the cryptocurrency
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First found on: USDT market share jumps amid economic uncertainty, USDC shrinks
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