According to Glassnode data, Tether’s share of the stablecoin market has shown significant growth. USDT currently accounts for 69% of the stablecoin market, an increase of 25% compared with the low of 44% of the market share set in June 2022.
BUSD’s dominance dropped to 2.1%, with USDC accounting for just 21.7%, a significant drop from the peak of 38% reached just over a year ago.
Since hitting this cycle low in November 2022, the supply of USDT has actually increased by $13.3 billion.
USDC’s decline was almost the opposite, at -$16.7 billion, which may be partly due to U.S. institutions moving funds to markets with higher interest rates.
BUSD fell sharply by $20.4 billion (-89%), largely due to issuer Paxos switching to redemption-only mode following SEC enforcement.
Since the highs reached in March 2022, a total of $43 billion in stablecoins have been redeemed, with the total value falling by 26%.