Over the past year, the market share of USD Coin (USDC) has decreased from 34.9% to 23.1%, while Tether (USDT) has increased from 47% to 65.9%, according to CoinGecko.
USDC market capitalization collapsed to $29 billion and USDT raised to $83.1 billion.
During this time Binance USD (BUSD) also saw a decrease from 11.68% to 4.18%, while Dai (DAI) decreased from 4.05% to 3.66% in May 2022.
These market shifts have been accredited to increasing regulatory scrutiny, problematic banking support of USDC, as well as administrative changes at Binance.
USDT, meanwhile, has experienced a massive surge in profits, while Circle and Tether Limited have restructured their reserve system.
Ultimately, financial uncertainty has been a major factor in the performance of the USD market in the first quarter of 2023.