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USDT’s Market Share Exceeds USDC’s Due to Growing Economic Uncertainty

ByLouis Adams

May 30, 2023 #Stablecoin
Reading time: < 1 minute

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.