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Stablecoin duopoly ending as USDT, USDC dominance falls to 84%

Tether's USDt and Circle's USDC, the top stablecoins by market cap, have seen a decline in their combined market share, dropping to 84% from a peak of 91.6% in March 2024. This decline, noted by analyst Nic Carter, suggests a shift in the stablecoin landscape attributed to increased competition and changing regulatory dynamics. Major new entrants like Ethena's USDe and PayPal's PYUSD are gaining traction by offering yields to users, with USDe noted as a major success story, reaching a supply of $14.7 billion. Carter also discussed the potential of bank-issued stablecoins amid regulatory shifts, stating that banks will likely enter the market to compete against established players like Tether. The article emphasizes the growing presence of various stablecoins and the competitive landscape as new innovations emerge in the sector.

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