Despite the growing competition from the emerging issuers, the Stablecoin market remains largely dominated by several key players. According to data from the WEB3 Nansen research company, USDT Tether still runs among Stablelecoin in dollars, even with the severity of competition.
From April 25, Tether (USDT) has about 66% market share between Stablecoin, compared to around 28% for USDC (USDC), said Nansen in the report of April 25. USDE Stablecoin Ethena ranks distant third place, advertising a market share of just over 2%.
Nansen expects Tether to survive, even as rivals, such as the faster growth rate of the USDC clock.
“With almost 3x as many users, as Uniswap and 50+% more transactions than the next application, Tether is largely the largest case of using onchain’s activity,” said Nansen.
“Despite the potential dispersion in Stajnich, we inevitably think that this is” market dynamics “, added the WEB3 researcher.
Tether is also the most profitable issuer of Stablecoin, bringing almost $ 14 billion in 2024 profits. The company earns revenues by accepting American dollars at Mint USDT, and then investing these dollars in highly liquid, containing profitable instruments, such as American tax accounts.
“Considering the growth of USDT and USDC, users clearly express that they do not necessarily care about the crop, because they give up it to laugh and circulate-they just want access to the most liquid and” stable “/ least similar to deserting Stablein,” Nansen said.
Competitive landscape
Nansen said that the adoption of USDC has accelerated since November, when the victory of US President Donald Trump’s election initiated a more favorable regulatory environment in the US for Crypto.
Stablecoin regulated by the US Circle was “particularly attractive for institutions that require regulatory transparency,” said the report.
But USDC is currently in the face of “intensifying competition as the main conventional financial institutions (i.e. Fididelity, PayPal and Banks) entering the market,” Nansen said, adding that Stablecouins, including Pyusd and Ripple USD PayPal, “they gain falling quickly.”
On April 25, the payment processor tilted plans to create a new Stablecoin product after buying Stablecoin platform bridge last year.
Despite the smaller market share, Ethen for USDE Stablecoin’s profitability remains “competitive on most fronts that moves forward”, partly due to integration in centralized exchanges (CEX) and decentralized financial protocols (DEFI), reported a report.
According to Ethen’s website, Stablecoin Ethen has generated an average annual performance of about 19%since he was launched in 2024.
Warehouse: Bitcoin payments are challenged by centralized stableins
