Tether dominance, or Tether’s percentage of total stablecoin supply in circulation, dropped to a 3-year low this week as it fell to less than 73%. Just three months ago, Tether’s dominance was still hovering around 96%. The decline can be explained by the rise of new stablecoins as well as Tether destroying almost a third of its supply. TrueUSD, USD Coin and Paxos now all have a circulating supply north of $170 million while Gemini is trailing with nearly $85 million.
The post Tether dominance drops to new 3-year low as other stablecoins gain traction appeared first on The Block.