Tether Dominates the Market after Busd Crash

Tether Dominates the Market after Busd Crash

The share of Tether (USDT) in the stablecoin market exceeded 51% for the first time since May 2022. This past weekend, February 11-12, this figure reached 51.07%, and by February 13 it was 51.31%, according to CoinGecko. In second place is USD Coin (USDC) – it occupies 30.64% of the market, Binance USD (BUSD) accounts for 12.09%.

The total market capitalization of stablecoins as of February 13 is $137.2 billion, of which the share of USDT is $68.4 billion. At the beginning of this year, Tether was $66 billion, since then it has increased by 3.6%.

The capitalization of USDC stablecoin from Circle, on the contrary, has decreased from $44.56 billion by more than $3.3 billion since the beginning of the year. Now there are $40.9 billion worth of tokens in circulation, which is 8.2% less than on January 1 of this year.

The stablecoin BUSD, issued by Paxos, is in third place with a market capitalization of $16.1 billion. At the beginning of the year, the figure was $16.5 billion, it decreased by 2.4%.

Now the attention of the crypto community is focused on the fate of the Binance stablecoin. Its issuer, Paxos, announced the termination of the issuance of the token at the request of the US authorities.

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