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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…
