Tether and Circle Are Losing Stablecoin Dominance: Here’s Why

TLDR: Tether and Circle control 86% of supply, down from 91.6% in March 2024, showing pressure from new entrants. Fintechs and exchanges are steering users into white-labeled stablecoins to capture yield lost to incumbents. DeFi projects like Hyperliquid and fintech wallets like Phantom are launching stablecoins to internalize revenue. Banks can now issue stablecoins post-GENIUS, [...]

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