{"id":347021,"date":"2023-09-28T21:00:59","date_gmt":"2023-09-28T15:30:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=347021"},"modified":"2023-09-28T14:33:57","modified_gmt":"2023-09-28T09:03:57","slug":"what-usdts-rising-dominance-means-for-the-stablecoin-sector","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/what-usdts-rising-dominance-means-for-the-stablecoin-sector\/","title":{"rendered":"What USDT&#8217;s rising dominance means for the stablecoin sector"},"content":{"rendered":"<ul>\n<li><em>USDT&#8217;s trading volume surged to 77% on Binance, marking its highest level since April 2022.<\/em><\/li>\n<li><em>Factors such as the fall of UST and growth of fiat-backed stablecoins contributed to USDT&#8217;s prominence.<\/em><\/li>\n<\/ul>\n<p>The stablecoin sector, once characterized by fierce competition, was witnessing the overwhelming dominance of a single stablecoin\u2014 Tether [USDT].<\/p>\n<h4>USDT continues to capture market share<\/h4>\n<p>In recent times, USDT saw an unprecedented surge in interest. According to data from Kaiko, last week, the share of USDT trade volume on Binance [BNB] reached a staggering 77%, marking its highest level since April 2022.<\/p>\n<p>This dramatic shift followed Binance&#8217;s reintroduction of taker fees for its TrueUSD [TUSD] trading pairs, causing a sharp decline in the stablecoin&#8217;s trade volume.<\/p>\n<figure id=\"attachment_347067\" aria-describedby=\"caption-attachment-347067\" style=\"width: 1312px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F64hff0XQAAohH3.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-347067\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F64hff0XQAAohH3.jpeg\" alt=\"\" width=\"1312\" height=\"700\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F64hff0XQAAohH3.jpeg 1312w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F64hff0XQAAohH3-300x160.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F64hff0XQAAohH3-1024x546.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F64hff0XQAAohH3-768x410.jpeg 768w\" sizes=\"(max-width: 1312px) 100vw, 1312px\" \/><\/a><figcaption id=\"caption-attachment-347067\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>However, USDT&#8217;s supremacy did not materialize overnight. Several factors have contributed to its current dominance in the stablecoin sector.<\/p>\n<p>One pivotal factor in USDT&#8217;s ascent to dominance was the fall of Terra USD [UST].<\/p>\n<p>Notably, Galaxy Research&#8217;s data indicated that since the collapse of $UST in mid-2022, the share of stablecoin market capitalization held by algorithmic stablecoins has plummeted from 12.56% ($23.5 billion) at its peak to a mere 1.5% ($1.9 billion) at the time of writing.<\/p>\n<figure id=\"attachment_347068\" aria-describedby=\"caption-attachment-347068\" style=\"width: 1128px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F7Cs2ssXEAAUFZR.png\"><img decoding=\"async\" class=\"size-full wp-image-347068\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F7Cs2ssXEAAUFZR.png\" alt=\"\" width=\"1128\" height=\"654\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F7Cs2ssXEAAUFZR.png 1128w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F7Cs2ssXEAAUFZR-300x174.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F7Cs2ssXEAAUFZR-1024x594.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/F7Cs2ssXEAAUFZR-768x445.png 768w\" sizes=\"(max-width: 1128px) 100vw, 1128px\" \/><\/a><figcaption id=\"caption-attachment-347068\" class=\"wp-caption-text\">Source: Galaxy Research<\/figcaption><\/figure>\n<p>The growing prominence of fiat-backed stablecoins played a substantial role in bolstering USDT&#8217;s position. Today, USDT primarily serves as an on- and off-ramp and is frequently used in trading pairs for cryptocurrency transactions across various exchanges.<\/p>\n<p>An \u201con-ramp\u201d refers to the process of converting traditional currency (like USD) into cryptocurrency, allowing users to enter the crypto space. Conversely, an \u201coff-ramp\u201d facilitates the conversion of cryptocurrency back into traditional currency, enabling users to exit the crypto space.<\/p>\n<p>At press time, the stablecoin ranked third among all cryptocurrencies, trailing behind only Bitcoin [BTC] and Ethereum [ETH], boasting a market capitalization exceeding $70 billion. It is accessible on 12 blockchains, including Tron, Solana, Avalanche, and others.<\/p>\n<h4>Major player on the Tron network<\/h4>\n<p>Among these networks, USDT&#8217;s presence on the Tron [TRX] blockchain was particularly noteworthy. Although Tron is not renowned for its settlement assurances and is often deemed less secure, USDT, being a centralized asset, remained minimally affected by Tron&#8217;s limitations.<\/p>\n<p>Consequently, it effectively leveraged Tron&#8217;s network with its swift block times and lower fees, thanks to reduced network congestion compared to Bitcoin or Ethereum.<\/p>\n<p>USDT serves diverse purposes, such as facilitating entry into the crypto realm, acting as a quote currency for spot and derivatives trading, enabling cross-exchange arbitrage, and facilitating international dollar-denominated transfers.<\/p>\n<figure id=\"attachment_347073\" aria-describedby=\"caption-attachment-347073\" style=\"width: 1274px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.09.55-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-347073\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.09.55-PM.png\" alt=\"\" width=\"1274\" height=\"756\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.09.55-PM.png 1274w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.09.55-PM-300x178.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.09.55-PM-1024x608.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.09.55-PM-768x456.png 768w\" sizes=\"(max-width: 1274px) 100vw, 1274px\" \/><\/a><figcaption id=\"caption-attachment-347073\" class=\"wp-caption-text\">Soure: Galaxy Research<\/figcaption><\/figure>\n<p>At the time of writing, USDT boasts the highest market capitalization among stablecoins, surpassing competitors like USD Coin [USDC], Binance USD [BUSD], and DAI.<\/p>\n<p>Tether&#8217;s primary reserves comprise US Treasury bonds, and as demand for USDT continues to rise, it has emerged as a major buyer of these bonds.<\/p>\n<p>According to <a href=\"https:\/\/tether.to\/en\/tether-usdt-and-us-treasury-dynamics\/\" target=\"_blank\" rel=\"noopener\">Tether<\/a>&#8216;s most recent attestation by BDO, it holds over $72.5 billion in US Treasuries directly, indirectly, or as collateral for reverse repos. Remarkably, this figure surpassed the reserves held by entire countries like Mexico, Spain, and the UAE.<\/p>\n<p>Tether&#8217;s unique ability to facilitate the conversion of dollar demand into treasuries positions it as a crucial player in satisfying global demand for dollars.<\/p>\n<h4>USDC continues to fight<\/h4>\n<p>However, despite its expanding market cap, USDT has not managed to dominate the market in terms of overall transaction volume. According to data from Dune Analytics, USDC accounted for 47.9% of all transaction volume on all networks.<\/p>\n<p>This suggested that despite its waning market share in recent months, USDC still maintained a significant presence at press time.<\/p>\n<figure id=\"attachment_347075\" aria-describedby=\"caption-attachment-347075\" style=\"width: 1358px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.31.09-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-347075\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.31.09-PM.png\" alt=\"\" width=\"1358\" height=\"718\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.31.09-PM.png 1358w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.31.09-PM-300x159.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.31.09-PM-1024x541.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-28-at-1.31.09-PM-768x406.png 768w\" sizes=\"(max-width: 1358px) 100vw, 1358px\" \/><\/a><figcaption id=\"caption-attachment-347075\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p>The decline in USDC&#8217;s market cap can be attributed in part to the collapse of <a href=\"http:\/\/ambcrypto.com\/silicon-valley-bank-leaves-usdc-bleeding-will-it-impact-stablecoin-market\/\" target=\"_blank\" rel=\"noopener\">Silicon Valley Bank (SVB)<\/a>, which held some of Circle&#8217;s reserves, the issuer of USDC. This event generated substantial fear, uncertainty, and doubt (FUD) around the stablecoin.<\/p>\n<p>Despite demonstrating resilience in the face of SVB&#8217;s collapse, USDC continued to lose market cap over the past few months. Furthermore, its network growth waned, indicating a declining interest in new addresses in the stablecoin.<\/p>\n<p>However, the number of USDC holders continued to rise materially during this period.<\/p>\n<figure id=\"attachment_347062\" aria-describedby=\"caption-attachment-347062\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-347062\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/USD-Coin-on-Ethereum-USDC-13.00.05-28-Sep-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-347062\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the realm of stablecoins, USDT has experienced a noteworthy surge in trading volume, shaped by a multitude of pivotal factors.<\/p>\n","protected":false},"author":73,"featured_media":347080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,5825,20],"tags":[],"class_list":["post-347021","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-stablecoins","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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