‘Stablecoin duopoly ending’ as USDT, USDC dominance falls to 84%

Despite dominating stablecoin inflows, Tether’s USDt and Circle’s USDC have slowly lost market share, signaling the end of the “stablecoin duopoly.”

Tether’s USDt and Circle’s USDC, the two largest stablecoins by market capitalization, have slowly lost market share in the past year, suggesting a major shift in the stablecoin landscape.

Despite Tether’s USDt (USDT) and Circle’s USDC (USDC) steadily increasing their market caps, the stablecoins have lost more than 5% of their combined market share since Oct. 2, 2024, according to data from DefiLlama and CoinGecko.

Nic Carter, industry analyst and Castle Island Ventures partner, took to X on Wednesday to address the decline of USDT and USDC dominance in a post titled “The stablecoin duopoly is ending.”

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