How USDC, PYUSD are challenging USDT’s stablecoin dominance
The stablecoin market has expanded significantly, with total supply growing from $140 billion to around $266 billion. While Tether (USDT) remains the largest issuer with $193 billion in supply, its dominance is gradually weakening, especially within EVM ecosystems, where it holds only 47% of the supply compared to its global 59% share. Over a 30-day period, USDT's supply decreased by 1.02%, while USD Coin (USDC) grew 7.42% and PayPal USD (PYUSD) expanded 16.66%. This shift reflects a market increasingly favoring compliant, regulated issuers with transparent reserves.
Stablecoins are increasingly used for real-world payments, with annual payment volume reaching nearly $390 billion, including significant remittance flows. Activity on networks like Polygon and growing DeFi usage further highlight this trend toward utility. Regulatory clarity is accelerating institutional adoption, benefiting transparent issuers like USDC and PYUSD, indicating that future competition will be shaped by compliance and infrastructure as much as liquidity.
ambcrypto03/02 23:03