The total market value of Tether-issued USDT stablecoins has dropped to $69.3 billion, a level that was not seen since October 2021.
Before the collapse of the Terra ecosystem, the figure was $83.42 billion. According to CoinGecko, the capitalization of Tether’s competitor, USDC Coin (USDC), has exceeded $55 billion.
Over the period under review, the USDT dominance has decreased from 50.9% to 45.7%, while USDC’s market share has increased from 30% to 36.2%.
Tether Holdings Limited bought USDT tokens in the amount of $10 billion from USDT holders last month.
The owners of the stablecoin started to go into fiat amid the collapse of the algorithmic stablecoin UST and the LUNA token. On May 12, the price of USDT briefly lost parity against the US dollar. Then the issuer redeemed assets worth $600 million in a day.
