Even if competition with emerging publishers grows, the Stablecoin market is dominated by some major companies. According to the data from Nansen, a Web3 research firm, Tether’s USDT continues to lead between Stablecoins, US dollar, despite intensifying competition.
As of April 25, Tether (USDT) recorded a market share of about 66%in Stablecoins, compared to about 28%of USDC (USDC) in the April 25 report. Ethena’s USde Stablecoin has a market share of more than 2%with a distant third place.
Nansen expects Tether’s lead to endure when competitors like USDC watches see faster growth rates.
Nansen said, “TETHER, which has 50% more transactions with more users than uniswap than the following app, is the biggest use of onChain activities.
The WEB3 researcher added, “Despite the potential distribution of stables, I believe this is inevitably the winner is the biggest market epidemiology.”
Tether is also the most profitable Starble Lecoin publisher with almost $ 14 billion in 2024 profit. The company earns a profit by accepting USDT to MINT, and investing the dollar in a tool that increases the same return as the US Treasury bill and increases profitability.
Nansen said, “Given the growth of USDT and USDC, the user clearly expresses that it does not necessarily care about yields for the circle.
Competitive environment
Nansen said that the adoption of USDC accelerated when the US president’s election victory after November was held in a more advantageous US regulatory environment for encryption, Nansen said.
The report says that Circle’s stable stability in the US is especially attractive to institutions that require regulatory clarity.
However, USDC is now strengthening competition as the main traditional financial institutions (eg Fidelity, Paypal and Banks) enter the market.
On April 25, the payment processor STRIPE plans to buy a new Stablecoin product after purchasing the Stablecoin platform bridge last year.
Despite its small market share, the USde Stablecoin, which gives Ethena returns, is partially “competitive on most fronts,” in partial integration through the integration of the Central Exchange (CEX) and Decentralized Finance (DEFI) protocol.
According to Ethena’s website, Ethena’s Stablecoin, released in 2024, generated an average annual return of about 19%.
magazine: Bitcoin payments are damaged by centralized stability.