Defillama experts noted that a decrease in Tether’s dominance could be due to the growth of intra -industrial competition and tightening regulatory standards in crypto industries.
In particular, the market share of the USDC stabilcoin from Circle approached 25%, increasing at once by 18% since the beginning of the year. At the same time, new market players, such as Ethena Stablecoin, launched in December 2024, were already able to reach 4.34% dominance and more than $ 12 billion.
Regulatory calls exacerbate the situation for Tether. For example, the company refused to comply with the European norms of the Mica Law for Steiblcoins, which led to the divisting of its assets on large exchanges, including Coinbase and Kraken.
The leadership of Tether in the United States may also be in question after the adoption of the Genius law, which requires the issuers of stablecoins of greater transparency and disclosure to regulators of certain details of their activities.
Earlier, Tether announced the addition of support for the USDT stablecoin on the protocol for the release of cryptocurrencies in the RGB bitcoin network.
Source: Bits
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