Despite growing competition from emerging issuers, the stablecoin market remains largely dominated by a few key players. According to data from Web3 research firm Nansen, Tether’s USDt continues to lead among US dollar-pegged stablecoins, even as competition intensifies.
As of April 25, Tether (USDT) has a roughly 66% market share among stablecoins, compared to around 28% for USDC (USDC), Nansen said in the April 25 report. Ethena’s USDe stablecoin ranks a distant third, touting a market share of just over 2%.
Nansen expects Tether’s lead to endure even as rivals such as USDC clock faster growth rates.
“With nearly 3x as many users as Uniswap and 50+% more transactions than the next app, Tether is by and far the largest use case of onchain activity,” Nansen said.
“Despite the potential dispersion in stables, we inevitably believe this is a ‘winner-takes-most’ market dynamic,” the