USDT-Tether dominance declined
Tether's dominance declined as the supply of stablecoins peaked at $20 billion.
This year, we have witnessed fierce competition among large profitable assets. However, stablecoins are facilitating the smooth transfer of most major cryptocurrencies which will also grow exponentially in 2020.
Tether's dominance declined and the supply of stablecoins peaked at $20 billion.
The total number of stablecoins in circulation has reached $20 billion, and the market value of USDC is $2.53 billion, which is 13% of the total number of stablecoins in circulation. The rise in USDC has brought Tether's dominance to below 80%, which has never been the case in the era of modern stablecoins.
Of the total USDT supply, most tokens are issued on the Ethereum and Tron networks. USDT-ETH accounts for 53% of the supply, while USDT-TRX only slightly over 20%.
The rise in stablecoins may be related to the increase in the number of stablecoins in the transfer chain. Previously, Bitcoin dominated stablecoin chain transfers.
The value of stablecoins in the chain continues to rise, and decentralised financing is also developing.
Recently, when KuCoin was hacked, Tether froze $35 million stolen from the exchange, $1 million on the Omni network, and $1 million on the Tron blockchain.
Many users have questioned Tether's intentions, with CTO Paolo Ardoino defended their actions and "held accountable to users, regulators and law enforcement."
Weiss Crypt pointed out that USDC is the stable currency of choice because, unlike Tether, USDC must be audited by at least five accounting firms.
At the same time, as stablecoins are replacing Bitcoin as value transfer assets, they are increasingly being used as a repository of assets.
The supply of stablecoins held for at least one year recently peaked at 63.5%, which has not been the case since 2010. As Bitcoin emerges from consolidation, the market is expected to see a surge in the coming days.